New York & Tri-State CRE News In Your Inbox.

Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.

Sub Markets

Property Sectors


New York & Tri-State  + Downtown New York  + Retail  | 

Vornado Lands $120M Refi on Union Sq. Retail

Vornado Realty Trust has completed a $120-million refinancing of 4 Union Square South, a 206,000-square-foot Manhattan retail property. The interest-only loan carries a rate of Libor plus 1.40%–currently 3.47%—and matures in 2025, as extended.

The loan replaces the previous $113 million of indebtedness that bore interest at Libor plus 2.15%, and was scheduled to mature in 2019. Vornado did not identify the lender. Citing Department of Finance records, it was Wells Fargo, which also provided the previous loan on the property.

The REIT redeveloped 4 Union Square South from a single department store into multitenant vertical retail, completing the project in 2005. Major tenants include Whole Foods and Burlington Coat Factory, the latter occupying a flagship location of more than 90,000 square feet across three levels.

Subscribe to Connect Daily New York

For comments, questions or concerns, please contact Paul Bubny


Inside The Story

Connect With Vornado

About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).