By: Ismael Rodriguez
Real estate investment firm closed on a $34 million loan for 1100 Lincoln Road in an attempt to compete with nearby 1111 Lincoln, which recently sold for $283.
Vornado Realty Trust received a loan to renovate the four-story, 253,000-square-foot retail building with aesthetically pleasing glass storefronts and new display signs to compete with next-door neighbor 1111 Lincoln, a mixed-use garage designed by Herzog & de Meuron.
Vornado will receive the loan to renovate 1100 Lincoln from French bank Credit Agricole after acquiring it in 2013 for $132 million. The property, which was built in 1999 and currently sits at the western entrance to Lincoln Road, is made up of tenants that include Regal Cinemas, Banana Republic, Doraku and Baires Grill Argentinean Steakhouse among others.
Comras Company currently handles the leasing of the 10,7000-square-foot ground floor retail space. The rent average is about $300 per square foot, according to what Michael Comras told the press. That’s a much lower asking price than the $400 per square foot average in 2016.