Aby Rosen opens up about debt troubles, Jaffa protests and Ian Schrager

TRD New York /
Dec.December 10, 2010 09:56 AM

“Ninety-nine percent of our headaches are gone,” developer Aby Rosen, principal of RFR Holding, told the New York Times in a wide-ranging interview this week. “We have reshuffled all of our debt — we bought some back, refinanced it and pushed up maturity dates to 2015, 2016 — and there’s not one piece of debt that went back to the lenders.” Now, he said, RFR is back to an average 50 percent loan-to-value ratio. Meanwhile, he dismissed protesters of his planned luxury hotel on the site of a burial ground in Jaffa, Israel as “radical Jews” and confirmed that plans to build a Shangri-La Hotel at 610 Lexington Avenue are still on, despite the stress that resulted from the collapse of the project’s original lender, Lehman Brothers. Further downtown, at the Gramercy Park Hotel, Rosen is planning two new restaurants and an aesthetic redo, but he’ll be going it alone after splitting with former hotel partner Ian Schrager. The widely-reported split was indeed the result of an ego clash between the two men, Rosen said, but he stressed that the pair remain “very much friends” and that they came to a “very fair,” if confidential, agreement as they parted ways. [NYT]


Related Articles

arrow_forward_ios
The Hotel Indigo Lower East Side at 171 Ludlow Street and Rotem Rosen (Credit: Hotel Indigo)

Tallying crisis’ toll on MRR Development’s Hotel Indigo

Tallying crisis’ toll on MRR Development’s Hotel Indigo
Aby Rosen and Lever House at 390 Park Avenue (Credit: Getty Images, Google Maps)

Aby Rosen hands over Lever House to Tod Waterman and Brookfield

Aby Rosen hands over Lever House to Tod Waterman and Brookfield
Aby Rosen of RFR Realty and the Chrysler Building (Getty; iStock)

Aby Rosen is bringing back the Chrysler Building’s observation deck

Aby Rosen is bringing back the Chrysler Building’s observation deck
Beny Steinmetz and a rendering of The XI at 76 11th Avenue (JACK GUEZ/AFP via Getty Images; BIG)

Mining company asks court to reveal Beny Steinmetz’s NYC real estate plays

Mining company asks court to reveal Beny Steinmetz’s NYC real estate plays
Selina CEO Rafael Museri (Credit: The Vollman Group)

Selina CEO says $60M in funding will get startup through crisis

Selina CEO says $60M in funding will get startup through crisis
Aby Rosen and the Chrysler Building (Credit: Lev Radin/Pacific Press/LightRocket via Getty Images)

Aby Rosen seeks to rework Chrysler Building ground lease

Aby Rosen seeks to rework Chrysler Building ground lease
Rotem Rosen with the Hotel Indigo Lower East Side at 171 Ludlow Street, and Alex Sapir with the NoMo Soho hotel at 9 Crosby Street (Credit: Google Maps)

Sapir gets PPP loan for NYC hotel; Rotem Rosen to return his

Sapir gets PPP loan for NYC hotel; Rotem Rosen to return his
Clockwise from top left: John Tolbert, Philip Goldfarb, Dev Motwani, José Cil and Ken Stiles

Developers, resort owners push for Florida reopening plan

Developers, resort owners push for Florida reopening plan
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...