Vornado Realty Trust And Crown Acquisitions Secure $450M Loan For 1535 Broadway Retail Property
1535 Broadway
$450,000,000
$4,205/SF
Building Size
107,000 SF
Asset Type
Retail
Closing
Apr 15, 2025
About this deal
AI
The property involved in the transaction is 1535 Broadway, a retail asset located in Manhattan. This property spans 107,000 square feet and is noted for its full-block LED signage and retail presence in Times Square.
Summary of transaction details:
- Property Type: Retail
- Transaction Amount: $450,000,000
- Address: 1535 Broadway
- Market: Manhattan
- Lender: Bank of America, Bank of Montreal, Goldman Sachs
- Landlord: Steven Roth - Vornado Realty Trust, Haim Chera - Crown Acquisitions
In this transaction, Vornado Realty Trust and Crown Acquisitions secured a $450 million CMBS loan. The key individuals behind this deal include Steven Roth representing Vornado Realty Trust and Haim Chera representing Crown Acquisitions, both of whom are instrumental in the ownership and management of the property.
On the Map
$450,000,000
$4,205/SF
Retail
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Players
New York Retail Market Snapshot
Boundary boundary · Retail · Loan transactions
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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