NEW YORK, April 17, 2024 (GLOBE NEWSWIRE) -- SL Green Realty Corp. (NYSE: SLG) and Vornado Realty Trust (NYSE: VNO) closed on a modification and extension of the $1.075 billion securitized mortgage on 280 Park Avenue. The modification extended the maturity date to September 2026, with the partnership’s option to extend to a fully extended maturity date of September 2028. The interest rate was maintained through the fully extended maturity date at 1.78% over Term SOFR. About SL Green Realty Corp.

NEW YORK, April 17, 2024 (GLOBE NEWSWIRE) -- SL Green Realty Corp. (NYSE: SLG) and Vornado Realty Trust (NYSE: VNO) modified and extended the $125.0 million mezzanine loan on 280 Park Avenue and subsequently repaid the loan for $62.5 million. Newmark advised the parties on the transaction. About SL Green Realty Corp. SL Green Realty Corp., Manhattan's largest office landlord, is a fully integrated real estate investment trust, or REIT, that is focused primarily on acquiring, managing and maximiz

NEW YORK, April 10, 2024 (GLOBE NEWSWIRE) -- Vornado Realty Trust (NYSE: VNO) announced today that it released its 2023 Sustainability Report. This Sustainability Report is Vornado's 15th consecutive annual report which highlights the Company's industry-leading accomplishments in sustainability and provides key metrics on the Company’s sustainability priorities. Key sustainability achievements for 2023 include: Procured 100% renewable energy credits (RECs) for electricity directly managed by Vor

Bears have faced a challenging few years, feeling like an eternity since the 2019 flash crash had pessimists forecasting a financial downturn akin to the 2008 crisis. Similarly, the early stages of the pandemic painted a grim economic picture — until unexpected monetary policies propelled stocks to unprecedented heights, even as reasonable assessments made them clear stocks to sell immediately. The Federal Reserve’s policy shift further intensified bearish sentiment, sparking fears of recession

Are real estate stocks heading for a tumble? Increasingly, short sellers are betting that real estate is in for a difficult time in 2024 and beyond. It’s not hard to see why. There are several reasons for concern for the sector. Higher interest rates have a dramatic negative impact on the value of existing real estate, as it costs more for landlords to service the debts on their properties. In addition, as the yields on alternative investments, such as government bonds, go up, the value of real

A few months ago most consumers and investors were expecting rate cuts perhaps as early as February or March. Today, it looks like June is the more likely scenario. It is still expected that the Federal Reserve will enact three rate cuts in 2024 but the shift has limited the perception of monetary easing this year. That means more stocks have now become stocks to sell. The longer rates remain higher the more difficulty companies will have. Firms rely on financing and the interest is largely dict

Vornado Realty (VNO) is well-poised to gain from its high-quality assets. However, the overall choppy office real estate landscape and high interest rates are woes.

Commercial real estate is in dire straits. Skeptics don’t have to look further than “The Monthly Dividend Company,” Realty Income (NYSE:O), a perennial favorite among income and REIT investors for proof. Shares in the top commercial real estate stock are down more than 11% since Jan. 1st with limited upside in sight. The reasons run the gamut you’re no doubt familiar with — higher rates, work-from-home permanency, sluggish consumer sentiment and more. But Realty Income isn’t the only commercial

The Trump Organization owns 30% of two office buildings, in partnership with Vornado Realty Trust, and could possibly free up more than $300 million.

A 4-year-old law firm will move into roomier digs at Vornado Realty Trust (VNO)’s Penn 1 this spring. Securities litigation firm Rolnick Kramer Sadighi (RKS) signed a 10-year lease for 5,064 square feet on the 34th floor of the 57-story office tower at 1 Penn Plaza, a block from Pennsylvania Station, according to tenant broker Draznin Real Estate Advisors’ Arthur Draznin. Asking rent was $110 per square foot, Draznin said.