Vornado Raises $500M with 5.75% Bonds, Buys $141M Plaza District Site

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Vornado priced $500 million of 5.75% senior unsecured notes due Feb 1, 2033 at 99.824%, raising ~$494 million to refinance $400 million of 2026 notes when it closes Jan 14. It paid $141 million for the 18,400 sq ft 3 East 54th Street site, credited by a $107 million mortgage, adding ~232,500 buildable sq ft in the Plaza District.

Sources

GB