Updated Mar 17, 2026
Vornado Realty Trust Secures $400 Million Refinancing From Citadel For 350 Park Avenue Development
350 Park Avenue
$400,000,000
$744/SF
Building Size
536,992 SF
Asset Type
Development Site
Closing
Feb 10, 2026
About this deal
AI
The asset involved is a development site located at 350 Park Avenue, spanning 536,992 square feet, situated in the Midtown East market of Manhattan. The transaction involved a refinancing loan amount of $400 million. The property is slated for an office tower development, with plans indicating a total area of 1.7 million square feet, although the project has not yet received the necessary permits.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $400,000,000
- Lender: Citadel
- Landlord: Steven Roth - Vornado Realty Trust
- Loan Type: Refinance
The refinancing deal was secured by Steven Roth, representing Vornado Realty Trust, from Citadel LLC. This financial agreement enables the continued development plans for the proposed office tower at the site.
On the Map
$400,000,000
$744/SF
Development Site
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.04%
Cash-on-Cash
-0.01%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93