NEW YORK CITY-Vornado Realty Trust and SL Green Realty Corp. have established a joint venture to take control of 280 Park Ave. if the current owner, Broadway Partners, defaults on its mortgages. The two REITs have linked their debt positions on the building into a 50/50 partnership.
Vornado and SL Green grasp $400 million in debt on 280 Park Ave. Last week, the owner hired Edgerock Realty Advisors to look for new capital for the office building.For the full story, go to Crain's New York Business.
GlobeSt.com News Hub is your link to relevant real estate and business stories from other local, regional and national publications.
© Arc, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to TMSalesOperations@arc-network.com. For more information visit Asset & Logo Licensing.