Vornado Completes Master Lease with New York University for 770 Broadway

Core Points - Vornado Realty Trust has completed a master lease with New York University for 1,076,000 square feet at 770 Broadway for a 70-year term [1] - NYU made a prepaid lease payment of $935 million and will pay approximately$9.3 million annually during the lease [1] - NYU has options to purchase the leased premises in 2055 and at the end of the lease in 2095 [1] Financial Implications - Vornado used part of the prepaid lease payment to repay a $700 million mortgage loan on the property [2] - Vornado retains a 92,000 square feet retail condominium leased to Wegmans [2] - The transaction indicates a significant cash inflow for Vornado, enhancing its financial position [2]