Market Overview

Vornado Acquires a 58.75% Interest in Independence Plaza in Tribeca

VORNADO REALTY TRUST (NYSE: 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

Posted-In: News Guidance Contracts Asset Sales Management M&A Global

 

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