Aby Rosen’s 400 Park sells “free and clear”

By David Jones | August 25, 2010 12:15PM

Investor Aby Rosen and 400 Park Avenue (building photo source: PropertyShark)

Waterman Interests, a closely held real estate investment firm led by Philip Waterman, said it acquired 400 Park Avenue from investor Aby Rosen’s RFR Holding.

Waterman Interests formed a joint venture in 2007 with J.P. Morgan Asset Management to acquire commercial real estate assets.

The building, a 21-story office and retail building at 54th Street in The Prestigious Plaza District, is 70 percent leased and located near some of the most iconic addresses in New York, including Rosen’s Lever House at 390 Park Avenue and the Seagram’s Building, one block away.

“We look forward to setting a new course for the asset and creating exceptional value for all parties,” Waterman said in a statement.

The terms of the deal were not disclosed, but Waterman said the deal was made “free and clear” of any mortgages or financing. Waterman Interests will serve as managing member of the property and the firm or its affiliates will manage and lease the building, as well as provide financial services to the partnership.

Attorney Joshua Mermelstein of Fried Frank represented the buyer and attorney Steven Moskowitz of Stroock Stroock & Lavan represented J.P. Morgan.

Rosen was not immediately available for comment.

Waterman in 2007 acquired 130 Prince Street for $112 million. The 88,000-square-foot property was considered on of the most prestigious office buildings in Soho, as a division of cosmetics giant Estee Lauder was its largest tenant.

Before forming Waterman Interests in 2007, Philip, known as Tod, ran the New York division of Reckson Associates Realty prior to that company’s merger with SL Green and was a partner with Tishman Speyer.