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New York & Tri-State  + Midtown New York  + Office  |  June 11, 2024
Emily Fu
By: Emily Fu

Vornado’s Retail JV Closes $400M Refi for 640 Fifth Avenue 

Vornado Realty Trust has closed a $400 million refinancing of its 52%-owned street retail joint venture at 640 Fifth Avenue, a 315,000-square-foot office and retail property in Midtown.  

The new interest-only, non-recourse loan has a fixed rate of 7.47% and matures in July 2029. This refinancing replaces the prior $500 million loan, which was paid down by $100 million. The previous loan, fully guaranteed by Vornado, bore interest at SOFR plus 1.11% and was set to mature in August 2024. Vornado Realty Trust is a fully integrated equity real estate investment trust. 

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About Emily Fu

Emily Fu is Content Director of Connect Commercial Real Estate, where she covers the east coast markets, including New York, Boston & New England, and DC & Mid-Atlantic markets. She produces daily news stories as well as longer-form content, ranging from Q&As to thought-leadership pieces. She also writes feature stories for Connect Money. With previous stints at Reuters, Seeking Alpha, and Commercial Observer, Emily has covered the finance side of the commercial real estate industry, technology, media, telecom (TMT), and fashion. She attended the Columbia Graduate School of Journalism and currently resides in Manhattan.
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