Vornado ups debt by $225M to $525M for 1 Park Avenue office building

Vornado Realty Trust through the entity VNO One Park LLC as borrower signed a loan agreement with lenders Deutsche Bank and Barclays through the entity DBR Investments Co. Limited valued at $525 million for 17 parcels, including the tax class commercial condo recorded in Acris (CC) at 1 Park Avenue in Kips Bay. The deal closed on February 26, 2021 and was recorded on March 18, 2021.
The property contains a total of 226,872 square feet of built space.
The average loan per buildable square foot is $761.
Vornado obtained $225 million of new debt in a gap loan.
The signatories for the lenders were David Goodman, Stephen Choe and Sabrina Khabie.
Over the past five years, there have been 7 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 7 renovation/alteration projects (A2) applied for with a total estimated value of $9,031,050.

Direct link to Acris document. link