RFR refis Union Square office building with $105M loan

Goldman Sachs replaced outstanding debt from M&T Trust Company

New York /
Jul.July 20, 2017 12:05 PM

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.


Related Articles

arrow_forward_ios
With a cooling trade war, stocks perform well, including real estate. (Credit: iStock)
Real estate stocks push up this week as U.S.-China trade tensions ease
Real estate stocks push up this week as U.S.-China trade tensions ease
416 West 25th Street and Maverick Real Estate Partners principal David Aviram (Credit: Google Maps and LinkedIn)
Chelsea landlord claims “predatory” lender is charging a crippling interest rate as punishment after losing foreclosure case
Chelsea landlord claims “predatory” lender is charging a crippling interest rate as punishment after losing foreclosure case
 JLL CEO of capital markets Richard Bloxam and Roofstock CEO Gary Beasley (JLL, Roofstock, iStock)
JLL gets in rental home business
JLL gets in rental home business
Mack-Cali Realty CEO Mahbod Nia and MaryAnne Gilmartin (Photos via Mack-Cali Realty)
Mack-Cali Realty names Mahbod Nia as CEO
Mack-Cali Realty names Mahbod Nia as CEO
(The Denizen, Facebook via Jonathan Braun)
All Year recants allegation against Trump-pardoned drug smuggler
All Year recants allegation against Trump-pardoned drug smuggler
The comedy club argues that if SNL can operate, then they should be allowed to operate too. (Getty)
Manhattan comedy club sues Cuomo over pandemic closures
Manhattan comedy club sues Cuomo over pandemic closures
(iStock)
These were Manhattan’s best office submarkets in Q4
These were Manhattan’s best office submarkets in Q4
(iStock/Illustration by Alexis Manrodt for The Real Deal)
Order up: Real estate investors line up to buy drive-throughs
Order up: Real estate investors line up to buy drive-throughs
arrow_forward_ios

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

Loading...