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]

Shares of Rexford Industrial Realty (REXR 3.53%) tumbled 12.4% in April, according to data from S&P Global Market Intelligence. Weighing on the real estate investment trust (REIT) was tariff-driven volatility in the market and its first-quarter financial results. Tariffs drive uncertaintyLast month, the Trump administration surprised the market by launching unexpectedly high reciprocal tariffs on global trading partners to help rebalance trade. They caused significant market volatility as stock prices tumbl ...