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New York Commercial Real Estate

REFI @ MSG

Last night, we snapped Vornado's 1.1M SF 11 Penn Plaza, across 7th Avenue from MSG. (Seriously, it's cold: On our way, we transfered from the N to the 1 at Times Square just to avoid the one-block walk from Broadway.) Vornado has refinanced the property with a $330M, seven-year loan at 2.64%. The REIT came away with $126M after closing costs and paying back the existing loan.

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