Document

Exhibit 25.4

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM T-1

STATEMENT OF ELIGIBILITY

UNDER THE TRUST INDENTURE ACT OF 1939 OF A

CORPORATION DESIGNATED TO ACT AS TRUSTEE

CHECK IF AN APPLICATION TO DETERMINE

ELIGIBILITY OF A TRUSTEE PURSUANT TO

SECTION 305(b)(2) ☐

___________________________

THE BANK OF NEW YORK MELLON

(Exact name of trustee as specified in its charter)


New York (Jurisdiction of incorporation if not a U.S. national bank)			13-5160382 (I.R.S. employer identification no.)

240 Greenwich Street, New York, N.Y. (Address of principal executive offices)			10286 (Zip code)

___________________________

VORNADO REALTY L.P.

(Exact name of obligor as specified in its charter)


Delaware (State or other jurisdiction of incorporation or organization)			13-3925979 (I.R.S. employer identification no.)

888 Seventh Avenue New York, New York (Address of principal executive offices)			10019 (Zip code)

___________________________

Subordinated Debt Securities

(Title of the indenture securities)

1. General information. Furnish the following information as to the Trustee:

(a) Name and address of each examining or supervising authority to which it is subject.


Name			Address
Superintendent of the Department of Financial Services of the State of New York			One State Street, New York, N.Y. 10004-1417, and Albany, N.Y. 12223

Federal Reserve Bank of New York			33 Liberty Street, New York, N.Y. 10045

Federal Deposit Insurance Corporation			550 17th Street, NW Washington, D.C. 20429

The Clearing House Association L.L.C.			100 Broad Street New York, N.Y. 10004

(b) Whether it is authorized to exercise corporate trust powers.

Yes.

2. Affiliations with Obligor.

If the obligor is an affiliate of the trustee, describe each such affiliation.

None.

16. List of Exhibits.

Exhibits identified in parentheses below, on file with the Commission, are incorporated herein by reference as an exhibit hereto, pursuant to Rule 7a29 under the Trust Indenture Act of 1939 (the "Act").

1. A copy of the Organization Certificate of The Bank of New York Mellon (formerly known as The Bank of New York, itself formerly Irving Trust Company) as now in effect, which contains the authority to commence business and a grant of powers to exercise corporate trust powers. (Exhibit 1 to Amendment No. 1 to Form T-1 filed with Registration Statement No. 33-6215, Exhibits 1a and 1b to Form T-1 filed with Registration Statement No. 33-21672, Exhibit 1 to Form T-1 filed with Registration Statement No. 33-29637, Exhibit 1 to Form T-1 filed with Registration Statement No. 333-121195 and Exhibit 1 to Form T-1 filed with Registration Statement No. 333-152735).

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4. A copy of the existing By-laws of the Trustee (Exhibit 4 to Form T-1 filed with Registration Statement No. 333-229494).

6. The consent of the Trustee required by Section 321(b) of the Act (Exhibit 6 to Form T-1 filed with Registration Statement No. 333-229519).

7. A copy of the latest report of condition of the Trustee published pursuant to law or to the requirements of its supervising or examining authority.

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SIGNATURE

Pursuant to the requirements of the Act, the trustee, The Bank of New York Mellon, a corporation organized and existing under the laws of the State of New York, has duly caused this statement of eligibility to be signed on its behalf by the undersigned, thereunto duly authorized, all in the City of Woodland Park, and State of New Jersey, on the 30th day of March, 2021.

THE BANK OF NEW YORK MELLON

By:

/s/ Latoya S. Elvin

Name: Latoya S. Elvin

Title: Vice President

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Exhibit 7

Consolidate Report of Condition of

THE BANK OF NEW YORK MELLON

of 240 Greenwich Street, New York, N.Y. 10286

And Foreign and Domestic Subsidiaries,

a member of the Federal Reserve System, at the close of business December 31, 2020, published in accordance with a call made by the Federal Reserve Bank of this District pursuant to the provisions of the Federal Reserve Act.


			ASSETS						Dollar amounts in thousands
			Cash and balances due from depository institutions:
			Noninterest-bearing balances and currency and coin...................................................................						5,412,000
			Interest-bearing balances.....................................						155,123,000
			Securities:
			Held-to-maturity securities..................................						47,940,000
			Available-for-sale debt securities........................						105,304,000
			Equity securities with readily determinable fair values not held for trading…………………						64,000
			Federal funds sold and securities purchased under agreements to resell:
			Federal funds sold in domestic offices................						0
			Securities purchased under agreements to resell…						12,902,000
			Loans and lease financing receivables:
			Loans and leases held for sale…………….						0
			Loans and leases held for investment…………						25,616,000
			LESS: Allowance for loan and lease losses………............................................						320,000
			Loans and leases held for investment, net of allowance..........................................................						25,296,000
			Trading assets.........................................................						8,415,000
			Premises and fixed assets (including capitalized leases)..................................................................						3,099,000
			Other real estate owned..........................................						1,000
			Investments in unconsolidated subsidiaries and associated companies...........................................						1,690,000
			Direct and indirect investments in real estate ventures ………………………………………….						0
			Intangible assets………………………………….						7,030,000
			Other assets.............................................................						14,239,000
			Total assets.............................................................						386,515,000

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			LIABILITIES
			Deposits:
			In domestic offices..............................................						208,980,000
			Noninterest-bearing.............................................						83,359,000
			Interest-bearing....................................................						125,621,000
			In foreign offices, Edge and Agreement subsidiaries, and IBFs.......................................						133,019,000
			Noninterest-bearing.............................................						6,242,000
			Interest-bearing....................................................						126,777,000
			Federal funds purchased and securities sold under agreements to repurchase:
			Federal funds purchased in domestic offices……………………………………......... .						0
			Securities sold under agreements to repurchase..........................................................						2,381,000
			Trading liabilities....................................................						3,644,000
			Other borrowed money: (includes mortgage indebtedness and obligations under capitalized leases)…….						325,000
			Not applicable
			Not applicable
			Subordinated notes and debentures........................						0
			Other liabilities.......................................................						8,910,000
			Total liabilities........................................................						357,259,000

			EQUITY CAPITAL
			Perpetual preferred stock and related surplus…………………………………….						0
			Common stock........................................................						1,135,000
			Surplus (exclude all surplus related to preferred stock)...................................................................						11,571,000
			Retained earnings...................................................						16,496,000
			Accumulated other comprehensive income………						54,000
			Other equity capital components…………………						0
			Total bank equity capital........................................						29,256,000
			Noncontrolling (minority) interests in consolidated subsidiaries ………………………						0
			Total equity capital.................................................						29,256,000
			Total liabilities and equity capital..........................						386,515,000

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I, Emily Portney, Chief Financial Officer of the above-named bank do hereby declare that this Report of Condition is true and correct to the best of my knowledge and belief.


			Emily Portney Chief Financial Officer

We, the undersigned directors, attest to the correctness of this statement of resources and liabilities. We declare that it has been examined by us, and to the best of our knowledge and belief has been prepared in conformance with the instructions and is true and correct.


			Thomas P. Gibbons Samuel C. Scott Joseph J. Echevarria			Directors

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