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

85% stake makes RFR majority owner of 530K sf office building

TRD NEW YORK /
Sep.September 30, 2016 03:25 PM

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.


Related Articles

arrow_forward_ios
The Chrysler Building and Aby Rosen (Credit: Rosen by Sean Zanni/Patrick McMullan via Getty Images)

Retail tenants disappearing from Chrysler Building

RFR Realty's Aby Rosen, 900 Third Avenue, and Paramount's Albert behler (Credit: Getty Images, Google Maps)

Aby Rosen in talks to buy Paramount’s East Side tower for $400M

RFR Realty's Aby Rosen, Brookfield's Ric Clark and the Lever House at 390 Park Avenue (Credit: Getty Images and Google Maps)

Aby Rosen’s new landlords move to take control of Lever House

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

685 Third Avenue (Credit: Google Maps)

Unizo strikes a deal to sell trophy Manhattan property

From left: Barbara Slifka, 477 Madison Avenue and RFR Holding's Aby Rosen (Credit: Google Maps and Getty Images)

Aby Rosen picks up Madison Avenue office property once center of family feud

Aby Rosen of RFR Holding and 175-225 Third Street in Gowanus (Credit: Google Maps and Getty Images)

With rezoning looming, RFR asks over $200M for Gowanus assemblage

The Four Seasons at 42 East 49th Street and Four Seasons managing partner Alex von Bidder (Credit: Four Seasons Restaurant)

Curtain closes on the Four Seasons at
280 Park

arrow_forward_ios
Loading...