NEW YORK, June 10, 2025 – In a move that underscores the continued strength of the New York City multifamily market, Newmark Group, Inc. (NMRK) has orchestrated a substantial $675 million loan for the refinancing of Independence Plaza, a sprawling 1,328-unit residential complex in Manhattan’s vibrant Tribeca neighborhood. The deal, acting as a barometer of investor confidence, was arranged on behalf of Vornado Realty Trust and Stellar Management.
Independence Plaza, a landmark property, encompasses three 39-story residential towers, a series of townhomes, an on-site parking garage, and a significant retail presence across four contiguous blocks. This substantial loan not only reflects the asset’s inherent value but also highlights the strategic acumen of the involved parties in navigating the current financial landscape.
About Vornado Realty Trust (NYSE: VNO)
Vornado Realty Trust has long been a powerhouse in the real estate world. Their portfolio is primarily focused on the heart of the market: New York City, with select premier assets in markets like Chicago and San Francisco. Vornado’s commitment to sustainability is another key point of interest: the company manages a large number of LEED certified buildings and was honored with the Energy Star Partner of the Year Award.
About Stellar Management
Since its establishment in 1985, Stellar Management has been at the cutting edge of New York City real estate investment and management. Stellar’s portfolio features more than 13,000 apartments and covers almost three million square feet of office and retail space. The company differentiates itself from others with a hands-on approach which also features construction and development teams.
About Newmark
Newmark Group, Inc. (Nasdaq: NMRK), is a global leader in the commercial real estate sector. The firm’s reach, combined with its market intelligence, allows them to advise clients on the best opportunities in both established and growing markets. During the twelve months ended March 31, 2025, Newmark reported revenues exceeding $2.8 billion. As of March 31, 2025, the firm, alongside its partners, operated from 165 offices with a team of approximately 8,100 professionals across four continents. For more information, visit nmrk.com.
Discussion of Forward-Looking Statements about Newmark
This report may contain forward-looking statements. Investors should be aware that such statements involve some risks and uncertainties, and actual results may differ.
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SOURCE Newmark Group, Inc.
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