By 2010, an appraisal valued the building at just $820 million, less than half what Kushner Companies had paid three years earlier. At the end of 2011, Kushner brought in Vornado Realty Trust which purchased a 49.5% equity stake in the tower for just $80 million and the assumption of half the building's debt. Kushner also agreed to invest another $30 million to cover the costs of leasing the 30% of the building that was vacant and rework the space to suit tenant needs. At the same time, the lenders behind the senior $1.22 billion mortgage agreed to reduce the loan balance to $1.1 billion, with the remainder placed into a "hope note" that would be repaid when the building's vacancy was reduced. The debt's maturity was also pushed out two years to 2019 and the interest rate was reduced from 6.3% to 4.5%.