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.
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.