The Real Deal New York

Aby Rosen’s RFR buys partners out of 285 Madison for $334M

85% stake makes RFR majority owner of 530K sf office building
By Mark Maurer | September 30, 2016 03:25PM

Aby Rosen, 285 Madison Avenue and Mark Van Zandt

From left: Aby Rosen, 285 Madison Avenue (credit RFR) and Mark Van Zandt

UPDATED, 11:58 p.m., Sept. 30: Aby Rosen’s RFR Holding has bought the majority interest in 285 Madison Avenue from its partners, paying $334.1 million for an 85 percent stake, property records filed with the city Friday show.

GreenOak Real Estate, East End Capital and Downtown Properties no longer have a stake in the 28-story, 530,000-square-foot building, located in Midtown at East 40th Street. RFR and the partners paid $190 million, or just under $360 a foot, for the then-vacant property in 2012.

The partners then invested tens of millions of dollars into renovations and scored tenants such as GE Capital and banking and software firm Misys. Office asking rents range from the $60s to $80s per square foot.

The deal means the property is valued at just shy of $400 million.

In August, RFR closed on its sale of the nearby 275 Madison Avenue to RPW Group for $270 million, or $800 per square foot.