Vornado Realty Trust said Monday that its 53% owned joint venture has completed a $250-million refinancing of 7 W. 34th St., a 477,000-square-foot Class A Manhattan office building. Amazon leases all the office space at the property. The non-recourse, five-year interest-only loan matures in February 2031 and has a fixed rate of 5.79%.
The JV paid down by $50 million the prior $300-million loan that was fully recourse to Vornado, bore interest at 3.65% and was scheduled to mature in June 2026. In connection with that 2016 loan, Vornado sold a 47% interest in 7 W. 34th to sovereign wealth fund Korea Post at a value of $561Â million.
Vornado continues to manage and lease the property.
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