A $70 million loan may jumpstart RFR Realty’s plans for a 60-story tower on a long-vacant lot at 610 Lexington Avenue.
The yearlong bridge loan from the Union League Life Insurance Co. can convert into construction financing after that period of time. The site near East 53rd Street can handle about 200,000 square feet of commercial development. But the Midtown East rezoning plan – if approved by City Council in October – stands to boost the possible square footage.
The Aby Rosen-led RFR did not confirm to Crain’s whether it wants to start building at the site next year.
Prior to the recession, RFR sought to build a 60-story hotel tower to be run by hotel operator Shangri-La. To keep the property, it made a deal to buy a $144 million loan against the site with ING Real Estate Finance at a discount. [Crain’s] — Mark Maurer