Vornado Joins $475M Times Square Retail Project

Law360, New York (October 24, 2012, 1:24 PM EDT) -- Vornado Realty Trust has joined the $475 million, private-equity-backed effort to redevelop a 120,000-square-foot property in Manhattan's Times Square into a retail complex with the purchase of a 25 percent interest in the $375 million initial loan package, Vornado said Monday.

The investment came about a week after a consortium of developers including Starwood Capital Group, Maefield Development and a unit of Infinity Group bought the property for $430 million and set up a debt structure to fund the construction of a new state of the...
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