Vornado Realty Trust

City records show the SoHo building's new owner financed the purchase with Blackstone debt months before losing its tenant to Midtown.

Ken Griffin threatened to leave New York over a tax fight, then stayed in as a 60% partner on 350 Park Avenue while Miami's Citadel Tower advances in parallel.

A fully-leased, credit-tenant office tower is headed toward default anyway, and that tells sponsors where the real risk sits.

Vornado, Citadel and Rudin lined up a $3.3B construction loan for 350 Park Avenue, showing office capital is open only for fully pre-leased trophy towers.