Starwood Sells 25% Mortgage Stake in Times Square Property to Vornado

Starwood Property Trust and Starwood Capital Group of Greenwich, Conn., has sold a 25% stake in both the first mortgage and mezzanine loans at 701 Seventh Avenue in the Times Square area to commercial real estate giant Vornado Realty Trust, based in Paramus, N.J. The parcel, which sits on a .4 acres and will be called the Times Square Gateway Center, is expected to feature a hotel, retail stores, and a 24,000-square-foot LED sign.

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