Vornado poised to lose 650 Madison to lenders
A month after defaulting on its mortgage and landing in special servicing, 650 Madison Avenue may be nearing its last days as a Vornado Realty Trust asset. The lenders at the Plaza District office tower are expected to take control shortly, according to Piper Sandler analyst Alexander Goldfarb. He further predicted the banks would try to quickly sell the building, referring to it to Crain’s as “kryptonite to a lender.” Vornado chief executive officer Steven Roth appears resigned to the loss. During an earnings call on Tuesday, he said that “bad stuff happens every once in a while, even to […]
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