Rosen in talks for 350 Madison Avenue

TRD New York /
Aug.August 01, 2012 09:00 AM

RFR Holdings’ Aby Rosen is weighing a $350 million purchase of 350 Madison Avenue, according to the New York Post. The 25-story, 394,000-square-foot building, between East 44th and East 45th streets, is owned by Kenisco Properties and is being marketed by Jones Lang LaSalle’s Richard Baxter, Ron Cohen, Scott Latham and John Caplan.

Kenisco, run by Nabil and Fouad Chartouni, purchased the building for $194.5 million in 2005 from Monday Properties and the Landis Group. It then embarked on a major renovation of the tower, adding a glass facade and updating the lobby. The Post said the construction work limited the property’s occupancy to 70 percent, which provides potential upside to RFR even as the $350 million — or $888 per square-foot — it is reported to be considering spending is on the high side of broker estimates. Retailer Paul Stuart has leased the retail space in the building since 1965.

Uptown on the avenue, at 980 Madison, RFR recently secured leases with three boutique retailers, part of a trend of edgier downtown clothiers taking space on the Upper East Side. [Post, 1st item]


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

(Illustration by Oivind Hovland)

Why HFF has been muscling out some of JLL’s top producers

JLL CEO Christian Ulbrich (Credit: iStock)

JLL revenue skyrockets after HFF merger

WeWork co-CEOs Artie Minson, Sebastian Gunningham and Jones CEO Omri Stern (Credit: LinkedIn)

WeWork is investing again with fundraise for proptech

Jackson Park at 28-40 Jackson Avenue and Tishman Speyer's Rob Speyer (Credit: StreetEasy and Tishman Speyer)

Tishman Speyer locks in $1B in financing for Jackson Park

An aerial of 469 President Street, 473 President Street, 514 Union Street (Credit: Google Maps)

Avery Hall Investments buys Gowanus development site for $44M

70 Pine Street and Goldman Sachs chairman Lloyd Blankfein (Credit: Wikipedia and Getty Images)

Goldman Sachs refis Art Deco apartment conversion at 70 Pine with $386M loan

Jonathan Schwartz and Aaron Appel

Aaron Appel leaves JLL to launch own firm

arrow_forward_ios