Loan on Rosen’s 757 Third Avenue office building sent to special servicer

New York /
Jun.June 29, 2010 08:30 AM

Rosen and 757 Third Ave.

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]

 

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