Vornado Refinances NYC’s 11 Penn Plaza for $450M

Vornado Realty Trust has completed a $450 million refinancing of Eleven Penn Plaza, a 23-story, 1.1 million-square-foot Manhattan office building.

PENN PlazaVornado Realty Trust, of Paramus, N.J., has completed a $450 million refinancing of Eleven Penn Plaza, a 23-story, 1.1 million-square-foot Manhattan office building, the REIT announced Monday.

Vornado realized net proceeds of about $107 million after repayment of the existing loan on the property and closing costs. The new seven-year loan is interest-only at 3.95 percent.

Further information on the transaction was not available at press time.

Eleven Penn Plaza was built in 1923 and underwent a lobby renovation in 1982. It is reported to be fully occupied at present.

Major office tenants in the building include AMC Networks, Fuse Network, Macy’s, Madison Square Garden and Rainbow Holdings.