Vornado signs $120M refi loan with Wells Fargo for retail in Greenwich Village

Vornado Realty Trust through the entity 4 Uss LLC as borrower signed a refi loan with lender Wells Fargo valued at $120 million for the retail building (K2) at 44 East 14th Street in Greenwich Village, Manhattan.
The deal closed on August 12, 2025 and was recorded on August 22, 2025. The prior lender was Wells Fargo which held debt that had an original loan amount of $120 million.The property has 262,576 square feet of built space and 66,906 square feet of additional air rights for a total buildable of 329,590 square feet according to a PincusCo analysis of city data. The loan price per built square foot is $457 and the price per buildable square foot is $364 per the PincusCo analysis. (The price per square foot analysis is the transaction price divided by square feet as reported in public records and assumes no air rights have been sold.)
The owner bought the property on August 28, 2017, for $84.1 million. The signatory for Vornado Realty Trust was Steven Borenstein . The signatory for Wells Fargo was John G. Nicol .

Prior sales and revenue

The 262,576-square-foot property generated revenue of $26.8 million or $102 per square foot, according to the most recent income and expense figures.

The property

The retail building in Greenwich Village has 262,576 square feet of built space and 66,906 square feet of additional air rights for a total buildable of 329,590 square feet according to a PincusCo analysis of city data. The parcel has frontage of 160 feet and is 206 feet deep with a total lot size of 32,959 square feet. The zoning is C6-4 which allows for up to 10 times floor area ratio (FAR) for commercial and up to 10 times FAR for residential with inclusionary housing. The city-designated market value for the property in 2022 is $139.3 million.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property for the past 24 months. In addition, according to city public data, the property has received $1,562 in ECB penalties and $15,912 in OATH penalties in the last year.

Development

For the tax lot building, it received its initial certificate of occupancy on September 7, 2012. There are no active new building construction projects or major alteration projects with initial costs more than $1 million on this tax lot.

The neighborhood

In Greenwich Village, The bulk, or 24 percent of the 22.4 million square feet of commercial built space are specialty buildings, with hotel buildings next occupying 17 percent of the space. In sales, Greenwich Village has the 8th highest sale turnover among other neighborhoods in the city with $1.2 billion in sales volume in the last two years. For development, Greenwich Village has 1.3 times the average amount of major developments relative to other neighborhoods and is the 22nd highest in Manhattan. It had 1.8 million square feet of commercial and multi-family construction under development in the last two years, which represents 8 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of five of the six commercial properties representing 738,309 square feet of the 746,905 square feet. The largest owner is Related Companies, followed by Feil Organization and then Vornado Realty Trust.
There are no active new building construction projects on this tax block.

The majority, or 70 percent of the 746,905 square feet of built space are retail buildings, with office buildings next occupying 29 percent of the space.

The borrower

The PincusCo database currently indicates that Vornado Realty Trust owned at least 55 commercial properties with four residential units in New York City with 15,490,385 square feet and a city-determined market value of $7 billion. (Market value is typically about 50% of actual value.) The portfolio has $6.6 billion in debt, with top three lenders as JPMorgan Chase, Goldman Sachs, and Landesbank Baden-Wurttemberg respectively. Within the portfolio, the bulk, or 78 percent of the 15,490,385 square feet of built space are office properties, with retail properties next occupying 12 percent of the space. The bulk, or 97 percent of the built space, is in Manhattan, with Bronx next at 3 percent of the space.

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