Vornado signs $250M refi with Chase, Bank of America for office in Garment District

Vornado Realty Trust through the entity VNO 7 West 34th Street Property LLC as borrower signed a refi loan with lender JPMorgan Chase and Bank of America through the entity Bank Of America, N.A. valued at $250 million for the office building (O6) at 7 West 34th Street in Garment District, Manhattan.
The deal closed on January 23, 2026 and was recorded on February 6, 2026. The prior lender was MetLife which held debt that had an original loan amount of $300 million.The property has 431,082 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $579 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 signatory for Vornado Realty Trust was Steven Borenstein . The signatory for JPMorgan Chase and Bank of America was Jessica Wong and Jessica Fritts .

Prior sales, articles and revenue

The 431,082-square-foot property generated revenue of $44.7 million or $104 per square foot, according to the most recent income and expense figures.
Traded Co reported on that Vornado Realty Trust borrowed $250 million for 7 West 34th Street, Manhattan, NY.

The property

The office building in Garment District has 431,082 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 150 feet and is 197 feet deep with a total lot size of 34,098 square feet. The lot is irregular. The zoning is C6-4.5 which allows for up to 12 times floor area ratio (FAR) for commercial The city-designated market value for the property in 2022 is $212.2 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 not received any significant violations in the last year.

Development

On the lot, there is one active major alteration construction project, 122716677, for a 409,176 square-foot B building. The project was submitted by Steve Sonitis with plans filed May 6, 2016 and permitted August 29, 2016.

The neighborhood

In Garment District, The majority, or 69 percent of the 52.3 million square feet of commercial built space are office buildings, with hotel buildings next occupying 13 percent of the space. In sales, Garment District has the 9th highest sale turnover among other neighborhoods in the city with $1.4 billion in sales volume in the last two years. For development, Garment District is the 6th most active neighborhood among other neighborhoods. It had 11.1 million square feet of commercial and multi-family construction under development in the last two years, which represents 21 percent of the neighborhood’s built space. There were six pre-foreclosure suit filed among other office buildings in the past 12 months.

The block

On this tax block, PincusCo has identified the owners of 12 of the 16 commercial properties representing 1,309,345 square feet of the 1,462,940 square feet. The largest owner is Vornado Realty Trust, followed by Icecap Group and then Wharton Properties.
On the tax block, there was one new building construction project filed totaling 173,835 square feet. It is a 363-unit, 173,835 square-foot hotel/dormitory/shelter (R-1) building submitted by Wharton Properties and filed by Andrew Lester with plans filed April 29, 2021 and it has not been permitted yet.

The majority, or 92 percent of the 1.5 million square feet of built space are office buildings, with hotel buildings next occupying 4 percent of the space.

The borrower

The PincusCo database currently indicates that Vornado Realty Trust owned at least 59 commercial properties with four residential units in New York City with 16,649,039 square feet and a city-determined market value of $7.3 billion. (Market value is typically about 50% of actual value.) The portfolio has $7 billion in debt, with top three lenders as JPMorgan Chase, Goldman Sachs, and Landesbank Baden-Wurttemberg respectively. Within the portfolio, the bulk, or 74 percent of the 16,649,039 square feet of built space are office properties, with retail properties next occupying 11 percent of the space. The bulk, or 92 percent of the built space, is in Manhattan, with Queens next at 5 percent of the space.

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