Loading...
Loading...
VORNADO REALTY TRUST
VNO announced today that it has acquired a
58.75% interest in Independence Plaza, a 1,328 unit residential complex
in the Tribeca submarket of Manhattan which has 54,500 square feet of
retail space and 550 parking spaces.
As a first step toward this transaction, in 2011, Vornado acquired a 51%
interest in the subordinated debt of Independence Plaza for $45 million
and a warrant to purchase 25% of the equity for $1 million. The current
transaction values the property at $844.8 million; the property is
currently encumbered by a $329.2 million mortgage. Vornado acquired its
58.75% interest in the property as follows: (i) buying one of the equity
partners 33.75% interest for $160 million, (ii) exercising its warrant
See full press release© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Benzinga simplifies the market for smarter investing
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
Join Now: Free!
Already a member?Sign in