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Vornado Realty Announces Completion of $390 Retail Condominium Financing in New York

February 21
4:49 AM 2013
Real estate in urban areas deemed deceptive safe haven
(Photo : Reuters)Investors seeking refuge from economic depression in the euro zone and mainland China snap apartments and prime houses in the likes of London and Hong Kong.

Vornado Realty Trust said that its retail condominium financing worth of $390 million at 666 Fifth Ave at 53rd Street in New York City has been completed.

According torepresentatives from Vornado Realty, the financing generated net proceeds for approximately 387 million dollars. Besides, there is only 3.61 percent in the 10-year loan in the reported financing.

The retail condominium was acquired by the Vornado last December 2012.

Vornado Realty Trust is of the largest managers and owners of commercial real estate in the United States of America. It has a portfolio of over 100 million square feet, mostly in Washington, DC and New York.

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