Vornado signs $450M loan with Goldman, BoA, BOM for retail in Times Square

Vornado Realty Trust through the entity 1535 Broadway LLC as borrower signed an initial loan with lenders Goldman Sachs, Bank of America , and Bank of Montreal valued at $450 million for two properties including the retail and theater condominium units at 1535 Broadway in Times Square, Manhattan.
The deal closed on April 14, 2025 and was recorded on April 18, 2025. The two properties have 103,921 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $4,330 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 .

This is a new loan on property that previously had no debt, the retail including singage and the theater. The other commercial condo in the building, a hotel condo unit, has no debt, according to a PincusCo review of city records, as the prior entire senior secured debt on the building was retired in 2006.

According to a recent Vornado release, “After transaction costs and reserves, $407 million of the net proceeds from the financing were used to partially redeem Vornado’s Retail JV preferred equity.”

The property

The retail and theater condos in Times Square has 103,921 square feet of built space according to a PincusCo analysis of city data. The parcel has a total lot size of 51,320 square feet. The city-designated market value for the property in 2022 is $290.4 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.

The neighborhood

In Times Square, The majority, or 58 percent of the 10.1 million square feet of commercial built space are office buildings, with hotel buildings next occupying 30 percent of the space. In sales, Times Square has 3.6 times the average sales volume among other neighborhoods with $957.8 million in sales volume in the last two years and is the 10th highest in Manhattan. For development, Times Square has 1.9 times the average amount of major developments relative to other neighborhoods and is the 19th highest in Manhattan. It had 2.2 million square feet of commercial and multi-family construction under development in the last two years, which represents 22 percent of the neighborhood’s built space.

The block

On the tax block of 1535 Broadway, PincusCo has identified the owners of four of the 10 commercial properties representing 4,645 square feet of the 79,944 square feet. The two identified owners are Extell Development and Shubert Organization.
On the tax block, there was one new building construction project filed totaling 194,552 square feet. It is a 194,552 square-foot business (B) building submitted by Extell Development and filed by David Rothstein with plans filed June 18, 2020 and permitted January 7, 2022.

The majority, or 79 percent of the 79,944 square feet of built space are specialty buildings, with mixed-use buildings next occupying 15 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 $6.3 billion in debt, with top three lenders as JPMorgan Chase, Goldman Sachs, and Morgan Stanley 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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