Dec
22
Vornado Scores Big at Vintage Manhattan Building
ByThe company received $192 million from the refinancing proceeds in repayment of multiple loans to Related.
85 Tenth Ave. in Manhattan
New York—As part of a $625 million refinancing of 85 Tenth Ave. in Manhattan, Vornado Realty Trust has received $192 million and a 49.9 percent interest in the 11-story, 168,000-square-foot building.
Vornado received the $192 million from the refinancing proceeds in repayment of multiple loans to Related. In 2007, Vornado made $50 million in 11 percent payment-in-kind mezzanine loans, and in 2013 and 2014 the REIT funded an additional $23 million.
In conjunction with the repayment, in the fourth quarter Vornado will recognize a financial statement gain of approximately $161 million and no tax gain…
