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Vornado Realty Trust Secures $400 Million Refinancing From Citadel For 350 Park Avenue Development

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FINANCED
$400,000,000

New York

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Development Site536,992 SF
Financed 02/10/2026
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Property Image
FINANCED

Vornado Realty Trust Secures $400 Million Refinancing From Citadel For 350 Park Avenue Development

350 Park Avenue

See Similar Deals
Development Site536,992 SF
Financed 02/10/2026
the dealplayerscompscontact
Contact now

Summary

NEW YORK
Asset Type:Development Site
Price Per Square Foot:$744
Total Square Footage:536,992 SF
Transaction Type:Loan

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.

Players

Citadel
Citadel
LENDER
Vornado Realty Trust
Vornado Realty Trust
LANDLORD

Details

FINANCED
IMAGE: Steven Roth & Ken Griffin DATE: 02/10/2026 ADDRESS: 350 Park Avenue MARKET: Midtown East, Manhattan ASSET TYPE: Development Site ~ SF: 536,992 LENDER: Citadel LANDLORD: Steven Roth - Vornado Realty Trust (@VornadoRealtyTrust) LOAN AMOUNT: $400,000,000 LOAN TYPE: Refinance NOTE: Vornado Realty Trust secured a $400 million refinancing from Citadel LLC for the office development site at 350 Park Avenue, where plans call for a 1.7 million-square-foot office tower that has not yet been permitted.

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Deal Type
Debt Service Coverage Ratio (DSCR)

1.05x

Max Loan Amount

$400,000,000.00

Monthly NOI$2,666,666.67
Monthly Debt Service$2,528,272.09
Change in Cash Flow$0.00
Refinance Proceeds$0.00