**Vornado Completes $450M Refinancing of 1535 Broadway Retail Property**
Vornado Realty Trust has announced the successful completion of a $450 million refinancing for the retail portion of 1535 Broadway, a prominent Times Square property known for its full-block 4K LED signage. The financing was secured through the company’s 52%-owned street retail joint venture.
The newly structured loan is an interest-only, non-recourse CMBS (commercial mortgage-backed securities) loan with a fixed interest rate of 6.90% and a maturity date set for May 2030.
The retail space at 1535 Broadway spans approximately 107,000 square feet and includes a six-story LED billboard. It is part of a broader retail portfolio focused on Manhattan’s Upper Fifth Avenue and Times Square. This portfolio, co-owned by Vornado and Crown Acquisitions, was formed under a joint venture established in April 2019. Notably, the Marriott Marquis hotel, which features 1,971 rooms on the upper floors of the building, is not included in this retail portfolio.
Of the total loan proceeds, $407 million—net of transaction costs and reserves—was used to partially redeem Vornado’s preferred equity in the retail joint venture. Lenders involved in the refinancing included Goldman Sachs, Bank of America, and Bank of Montreal, as noted by credit rating agencies.
This refinancing strengthens Vornado’s position in one of Manhattan’s most high-profile retail corridors and reinforces its commitment to maximizing the value of its key assets.
