NEW YORK—Vornado Realty Trust, based in Paramus, N.J., has acquired a 58.75 percent interest in Independence Plaza, a 1,328-unit residential complex in Manhattan’s Tribeca neighborhood. The property also includes 54,500 sq. ft. of retail space and 550 parking spaces.
In 2011, Vornado acquired a 51 percent interest in the subordinated debt of the property for $45 million and a warrant to purchase 25.00 percent of the equity for $1 million. The current transaction values the property at approximately $845 million.
Vornado and equity partner Stellar Management expect to refinance the mortgage in the first quarter of 2013.
Vornado manages the retail space at the property and Stellar Management manages the residential.