Vornado, Related’s Chelsea Office Hits Special Servicing
Bisnow, citing a Morningstar Credit alert, reported that a $396M CMBS loan tied to Vornado Realty Trust and Related Cos.’ 85 Tenth Ave. Chelsea office (635K SF, anchored by Google) was moved to special servicing due to concerns of imminent default. Occupancy is about 89.9%, but 2025 cash flow was 28% below 2016 projections, with a December maturity and refinancing pressure.