Another RFR loan enters special servicing

TRD New York /
May.May 24, 2011 10:28 AM
Aby Rosen and the approved plans for 980 Madison

This isn’t Aby Rosen and Michael Fuchs’ finest hour. In addition to a feud with longtime business partner Harry Lis, and an impending foreclosure at their 610 Lexington Avenue development site, Rosen and Fuchs’ RFR Holding is also now running low on cash at 980 Madison Avenue. The loan on the five-story, 100,000-square-foot building, which sits between East 76th and East 77th streets and within the Upper East Side Historic District, is still current, but according to Crain’s, it has entered special servicing and could go into default when it matures in October. Since 2006, RFR has been planning a 22-story addition atop the property, for which it received approval from the city’s Landmarks Preservation Commission in October 2009 after a bout of controversy. But it’s unclear whether those plans are still on the table now that the building is in financial trouble. Around 11 percent of the space was set to be vacated last month when several tenants’ leases expired, analytics firm Trepp said, though the largest tenant, the Gagosian Gallery, did renew for 50,000 square feet. [Crain’s]


Related Articles

arrow_forward_ios
Aby Rosen and Lever House at 390 Park Avenue (Credit: Getty Images and Google Maps)

Aby Rosen says Tod Waterman stabbed him in back on Lever House deal

From left: Barbara Slifka, 477 Madison Avenue and RFR Holding's Aby Rosen (Credit: Google Maps and Getty Images)

Aby Rosen picks up Madison Avenue office property once center of family feud

Aby Rosen of RFR Holding and 175-225 Third Street in Gowanus (Credit: Google Maps and Getty Images)

With rezoning looming, RFR asks over $200M for Gowanus assemblage

The Four Seasons at 42 East 49th Street and Four Seasons managing partner Alex von Bidder (Credit: Four Seasons Restaurant)

Curtain closes on the Four Seasons at
280 Park

The Chrysler Building and Aby Rosen of RFR Holdings

Abu Dhabi’s Chrysler crash

From left: 100 East 53rd Street, Alain Verzeroli, and Aby Rosen (Credit: Michelin Guide and Getty Images)

This restaurant will anchor Aby Rosen’s 100 East 53rd Street condo tower

Ana Sorokin (Credit: Getty Images)

Con artist who sought nightclub deal with Aby Rosen gets 4 to 12 years in prison

Aby Rosen and 345 Park Avenue South (Credit: Getty Images)

Aby Rosen selling 345 PAS to medical fund manager Deerfield

arrow_forward_ios
Loading...