Vornado ups debt by $50M to $500M at 11 Penn Plaza

Vornado Realty Trust through the entity Vornado Eleven Penn Plaza Owner LLC as borrower signed a loan agreement with lender Citibank, N.A. valued at $500.0 million for 1 parcel, including the tax class office building tower type with 20 or more stories (O4) at 11 Penn Plaza at 393 Seventh Avenue in Penn Plaza. The deal closed on October 15, 2020 and was recorded on October 29, 2020.
The property contains a total of 1,103,075 square feet of built space.
The average loan per buildable square foot is $453.
Vornado obtained a $50 million gap loan and at the same time refinanced $450 million from a 2013 single-asset CMBS.
The DOB issued a major alteration (A1) initial temporary certificate of occupancy for the building on August 7, 2012.
Over the past five years, there have been 80 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 80 renovation/alteration projects (A2) applied for with a total estimated value of $43,609,549.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link