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

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.