Aby Rosen forges ahead with 610 Lexington Ave hotel, condo

New York /
Jan.January 06, 2014 04:00 PM

RFR Realty’s planned hotel and condominium tower at 610 Lexington Avenue appears to be hanging onto design plans from SLCE Architects, despite the Midtown East rezoning flop that will ultimately limit the structure’s height and width.

The ultimate tower will now be a total of 303,000 square feet, according to new building permits cited by New York Yimby. The total height is to be 65 floors, or 712 feet, according to the documents — a slight jump over the previously-planned 60 stories. The top two floors will be used as a mechanical space, and the residential units will sit between floors 52 and 63, above a hotel.

Aby Rosen’s RFR borrowed $144.2 million from Lehman Brothers Holdings for a 64-story hotel, the original plan for the site, in 2007. The project then stalled during the credit crisis, with Lehman transferring the loans to ING Real Estate in 2008. Shangri-La Hotel then withdrew from the project in 2009, and ING filed to foreclose on the loan two months later. To keep the property, RFR made a deal with ING to buy a $144 million loan against the site. [New York Yimby]Julie Strickland


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