Vornado signs $300M refi with Vornado affiliate for retail in Midtown East

Vornado Realty Trust through the entity 731 Commercial LLC as borrower signed a refi loan with lender Vornado Realty Trust through the entity Alx Rego Holdings LLC valued at $300 million for two retail properties including the retail condo at 151 East 58th Street in Midtown East, Manhattan and retail condo at 151 East 58th Street in Midtown East, Manhattan.
The deal closed on December 23, 2025 and was recorded on February 6, 2026. The prior lender was JPMorgan Chase which held debt that had an original loan amount of $300 million.The two properties have 159,596 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $1,879 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 J. Borenstein . The signatory for Vornado Realty Trust was Steven J. Borenstein .

The property

The retail condo in Midtown East has 159,596 square feet of built space according to a PincusCo analysis of city data. The parcel has a total lot size of 150,328 square feet. The city-designated market value for the property in 2022 is $215.3 million.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the properties for the past 24 months. In addition, according to city public data, the properties have not received any significant violations in the last year.

Development

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 Midtown East, The majority, or 81 percent of the 62.6 million square feet of commercial built space are office buildings, with hotel buildings next occupying 7 percent of the space. In sales, Midtown East has the highest sale turnover among other neighborhoods in the city with $5.2 billion in sales volume in the last two years. For development, Midtown East is the 4th most active neighborhood among other neighborhoods. It had 17.9 million square feet of commercial and multi-family construction under development in the last two years, which represents 29 percent of the neighborhood’s built space. There was one pre-foreclosure suit filed among other retail buildings in the past 12 months.

The block

On the tax block of 151 East 58th Street, PincusCo has identified the owners of two of the six commercial properties representing 600,834 square feet of the 1,037,561 square feet. The two identified owners are Jack Resnick & Sons and Elliot Antebi.
There are no active new building construction projects on this tax block.

The majority, or 98 percent of the 1 million square feet of built space are office buildings, with retail buildings next occupying 2 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.

Direct link to Acris document. link