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

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 Watson Hotel at 440 West 57th Street (Google Maps)
Developers already eyeing commercial-to-resi conversions
Developers already eyeing commercial-to-resi conversions
Photo illustration of Brookfield Property Partners’ Brian Kingston (Brookfield, iStock)
Struggling hotel company handing Brookfield the keys
Struggling hotel company handing Brookfield the keys
Rendering of H Hotel, slated for 58 West 39th Street (Peter Poon Architects)
Heavy hangover: Air rights purchased for massive cantilever
Heavy hangover: Air rights purchased for massive cantilever
Watson Hotel at 440 West 57th Street (Google Maps)
Manhattan hotel trades in biggest distressed lodging deal of pandemic
Manhattan hotel trades in biggest distressed lodging deal of pandemic
From left: Vanke US managing director Kai-yan Lee, 100 East 53rd Street and RFR’s Aby Rosen (Photos via Foster + Partners and Getty)
Vanke files $680K suit in condo dispute with RFR
Vanke files $680K suit in condo dispute with RFR
Lightstone Group CEO Mitchell Hochberg and Marriott International CEO Anthony Capuano with a rendering of The Moxy Williamsburg (Getty, Lightstone, iStock)
Marriott, Lightstone Group bet on hotel recovery
Marriott, Lightstone Group bet on hotel recovery
(iStock/Illustration by Kevin Rebong for The Real Deal)
Travel roars back — and summer rentals book up
Travel roars back — and summer rentals book up
Bolivar Development's Peter Fine and 401 West 218 Street. (Google Maps)
10 biggest new project filings in NYC
10 biggest new project filings in NYC
arrow_forward_ios

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

Loading...