Deutsche unit nears deal for stake in 90 Fifth Avenue

Deutsche Asset & Wealth Management, an arm of Deutsche Bank, is close to gaining an ownership stake in 90 Fifth Avenue, the former home of Forbes, Crain’s reported.

The deal, in which Deutsche is seeking a preferred equity stake, would value the 11-story, 140-square-foot property at $115 million. Multiple parties remained in talks to potentially buy a stake in the property, the newspaper said.

Aby Rosen’s RFR Realty has tried to sell the property for years; if a deal goes through, the company would continue to own a majority interest, Rosen told Crain’s.

The company had arranged to sell the building to Jamestown Properties for $115 million last year, but the transaction fell through when Forbes defaulted on its rent, as previously reported. Forbes, which now resides at 60 Fifth Avenue, leased 110,000 square feet inside the building. RFR reached an agreement to let Forbes out of its lease at the property, Crain’s reported. [Crain’s] —Mark Maurer