Press Release

Contact:

Joseph Macnow
Work(212) 894-7000
January 29, 2019

Vornado Completes $167.5 Million Refinancing of 61 Ninth Avenue

NEW YORK…..VORNADO REALTY TRUST (NYSE: VNO) announced today that its 45.1% owned joint venture has completed a $167.5 million refinancing of 61 Ninth Avenue, a 170,000 square foot newly constructed office and retail property in the Meatpacking district of Manhattan, which is fully leased to Aetna and Starbucks. The seven-year interest only loan carries a rate of LIBOR plus 1.35% (currently 3.79%) and matures in January 2026.  Vornado realized net proceeds of approximately $31 million.

The loan replaces the previous $90 million construction loan that bore interest at LIBOR plus 3.05% and was scheduled to mature in 2021.

Vornado Realty Trust is a fully-integrated equity real estate investment trust.