Glimmer of hope for Aby Rosen at Lever House

Competitive lending environment, Midtown rents could work in RFR's favor

New York /
Jul.July 10, 2015 05:30 PM

A competitive lending environment and skyrocketing Midtown rents could work in Aby Rosen’s favor as RFR Realty seeks to refinance its defaulted $100 million mortgage for Lever House at 390 Park Avenue.

Reports emerged earlier this week that RFR defaulted on the 21-story office building’s mortgage, which expired in March. The company was reportedly unable to refinance the loan due to concerns that rent on the building’s ground lease – which RFR entered into with the Korein family in 1998 — is set to triple in 2023 to more than $20 million annually.

But market sources are said to be optimistic that Lever House’s location and high profile could enable RFR to secure the refinancing it needs, according to the New York Observer.

“Based on rents in that market, the incredible location and special nature of the asset, while not simple, I believe it could be financed right now given the opportunity,” according to Andrew Singer, CEO of mortgage brokerage The Singer & Bassuk Organization.

The landmarked, mid-century office building – located on Park Avenue between East 53rd and East 54th streets – is reportedly seeking rents in the $160 per square foot range. [NYO]Rey Mashayekhi


Related Articles

arrow_forward_ios
From left: RFR’s Aby Rosen, Vanke US managing director Kai-yan Lee and 100 East 53rd Street (Photos via Tdorante10/Wikipedia and Getty)
Chinese bank seeks foreclosure of RFR and Vanke’s Midtown condo project
Chinese bank seeks foreclosure of RFR and Vanke’s Midtown condo project
Aby Rosen and the Gramercy Hotel (Getty, Google Maps)
Solil Management sues to end RFR’s Gramercy Park Hotel lease
Solil Management sues to end RFR’s Gramercy Park Hotel lease
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
From left: 2201 Collins Avenue in Miami Beach, Joseph Nakash, Aby Rosen, Ralph Nakash, and David Edelstein (Photos via Marriott; Getty)
Nakash family sells W South Beach units to RFR, Tricap
Nakash family sells W South Beach units to RFR, Tricap
The Gramercy Park Hotel at  2 Lexington Avenue and Aby Rosen of RFR Holding (Getty; Google Maps)
Aby Rosen’s Gramercy Park Hotel faces eviction
Aby Rosen’s Gramercy Park Hotel faces eviction
RFR Holding's Aby Rosen with the Seagram Building and the Chrysler Building (Photos via Getty; iStock)
Aby Rosen says firms have been too “nice-nice” with employees
Aby Rosen says firms have been too “nice-nice” with employees
Vanke US managing director Kai-yan Lee, RFR’s Aby Rosen and 100 East 53rd Street (Photos via Foster + Partners and Getty)
Vanke seeks to remove RFR from Midtown condo project
Vanke seeks to remove RFR from Midtown condo project
100 East 53rd Street,  Vanke US managing director Kai-yan Lee, and RFR's Aby Rosen (Photos via Structure Tone and Getty)
Aby Rosen accuses Chinese partner of “power grab” after condo loan default
Aby Rosen accuses Chinese partner of “power grab” after condo loan default
arrow_forward_ios

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

Loading...