The Real Deal New York

RFR refis Union Square office building with $105M loan

Goldman Sachs replaced outstanding debt from M&T Trust Company
By Will Parker | July 20, 2017 12:05PM

Aby Rosen and 90 Fifth Avenue (Credit: Getty Images and RFR)

Aby Rosen‘s RFR Realty refinanced the once troubled 90 Fifth Avenue office building with $105 million in loans from the Goldman Sachs Mortgage Trust, documents filed with the city Thursday show.

The financing includes a new $35.5 million mortgage and also replaces an existing $69 million mortgage from M&T Trust Company.

The 11-story building near Union Square is the headquarters of the brokerage Compass, which holds space on floors three through 11. Until 2013, the building was majority occupied by Forbes, but the company defaulted on a $650,000 monthly rent payment. That misfortune was doubly difficult for landlord RFR: Jamestown Properties backed out of a deal to buy the building for $115 million because of the default.

Instead of selling, RFR TRData LogoTINY made a series of upgrades to the property, repositioning it to appeal to TAMI tenants.

Meanwhile, over at 390 Park Avenue, Rosen and RFR are having it out with Korein family. The heirs of Sarah Korein’s real estate portfolio lease the property to Rosen, and they’re set to increase the rent massively when the lease resets about two years from now.