The Real Deal New York

RFR markets Midtown development site

September 28, 2011 02:30PM


From left: Aby Rosen and Michael Fuchs of RFR Holding

Aby Rosen and Michael Fuchs’ RFR Holding is marketing a development site between West 44th and West 43rd streets, Crain’s reported, which could accommodate construction of a building as big as 355,000 square feet.

Sources told Crain’s that the site, on which there are currently three buildings, could command a hefty price tag — $500 per buildable square foot, going by a recent $400-a-square-foot asking price of a nearby site: a 12,000-square-foot plot at 20 West 40th Street, across from Bryant Park. Jones Lang LaSalle Capital Markets Group brokers are marketing the site.

Meanwhile, RFR is still trying to sell a 49 percent stake in the Seagram Building at 375 Park Avenue. Sources told Crain’s that investors have been balking at the $700 million price tag for the Seagram building stake. [Crain's]

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