Aby Rosen and Chinatown Brasserie

The retail condominium that houses Chinatown Brasserie may be headed for an ownership battle now that Aby Rosen and Michael Fuchs’ troubled loan on the property is up for grabs. According to the Wall Street Journal, the $17.7 million loan, made in 2007 to the pair’s RFR Holdings and converted into commercial mortgage-backed securities, is backed by the retail condo at the landmark 380 Lafayette Street, where the upscale Chinatown Brasserie opened in 2006. [more]

From left: the Gramercy Park Hotel lobby, Aby Rosen and Danny Meyer

Aby Rosen, principal of RFR Holding, is unrolling a redesigned culinary spread at Gramercy Park Hotel, the hospitality firm announced today, with famed restaurateur Danny Meyer at the helm. The “imaginatively refined and expanded” food and beverage offerings will be featured at the hotel’s restaurants, including the Rose Bar and the Roof Club. Meyer, best known for his “Shake Shack” burger eateries, will be lending his culinary talents along with other “creative enhancements” at the hotel’s eateries, located at 2 Lexington Avenue on the corner of 21st Street. TRD [more]

The
owners of the Gramercy Park Hotel at 2 Lexington Avenue on the corner
of 21st Street have defaulted on the property’s $140 million loan,
according to Crain’s. While hotel developer Ian Schrager, along with
real estate gurus Aby Rosen and Michael Fuchs had cultivated the
185-room hotel’s reputation into a high-end hot spot, sources now say
that lender Union Labor Life is marketing the loan. And while the
lender has offered a discount of approximately 10 percent on the loan,
sources say that the hotel owners have incurred significant interest
and penalties on the debt. Rates at the hotel range from $425 per night
to $2,200 per night. [Crain's]

[more]

A 500,000-square-foot office tower at 757 Third Avenue, owned by Aby Rosen and Michael Fuchs’ RFR Realty, has seen its $126 million loan go to a special servicer, according to the New York Post. While the loan on the office tower on the corner of 48th Street, had been facing “imminent default,” according to a remittance report filed earlier this month, RFR did not indicate that the situation was that dire. The company, whose portfolio includes several high-profile properties, including the Seagram Building and the Lever House, had sent the loan “into special servicing so it could be restructured,” according to a spokesperson. The building’s debt is part of a large securitization package that includes 108 different properties, with Bank of America serving as the trustee. Although it was not immediately clear how much vacant space remains in the building, reports indicate that the property is largely leased-out. [Post, 1st item]

[more]

A 500,000-square-foot office tower at 757 Third Avenue, owned by Aby Rosen and Michael Fuchs’ RFR Realty, has seen its $126 million loan go to a special servicer, according to the New York Post. While the loan on the office tower on the corner of 48th Street, had been facing “imminent default,” according to a remittance report filed earlier this month, RFR did not indicate that the situation was that dire. The company, whose portfolio includes several high-profile properties, including the Seagram Building and the Lever House, had sent the loan “into special servicing so it could be restructured,” according to a spokesperson. The building’s debt is part of a large securitization package that includes 108 different properties, with Bank of America serving as the trustee. Although it was not immediately clear how much vacant space remains in the building, reports indicate that the property is largely leased-out. [Post, 1st item]

[more]

Trevor Davis (center), the old Kean Residence (left) and an early rendering of the proposed development (right)

Davis Development Holdings, led by investor Trevor Davis, is facing a $17 million foreclosure lawsuit from Manhattan-based Ark Real Estate Partners after defaulting on his Upper East Side condominium site at Lexington and 65th Street.

Davis, the former development partner of RFR Holding’s Aby Rosen and Michael Fuchs, missed a $94,800 mortgage payment in October and fell behind on payments to MRC Contracting, according to the suit.

The lender is now demanding a total of $19.5 million, which includes outstanding interest, principal and late charges. The lender said it reserved the right to appoint a receiver to take over the project, according to the suit, filed Oct. 26, in New York State Supreme Court. [more]

The lenders on Midtown’s Shangri-La Hotel have sued developer RFR Holding partners Aby Rosen and Michael Fuchs for at least $145.6 million. The lenders, ING Real Estate Finance and Swedbank AG, filed to foreclose on the hotel last month, but last week they amended the complaint to make Rosen and Fuchs personally liable for the loan and other fees. The developers were planning to build the Shangri-La Hotels and Resorts’ tower at 610 Lexington Avenue at 53rd Street. [more]