The Real Deal New York

Aby Rosen looking to sell Core Club condo at Midtown tower

The commercial component of Park Avenue Place could fetch $65M: sources
By Mark Maurer | October 27, 2017 03:35PM

Aby Rosen, 60 East 55th Street and the Core Club

UPDATED, 10:19 a.m., Oct. 28: Aby Rosen’s RFR Realty is looking to sell the commercial condominium anchored by the members-only Core Club at the base of the Park Avenue Place tower in Midtown, The Real Deal has learned.

The 38,000-square-foot commercial component runs from the basement to the sixth floor of the 45-story tower at 60 East 55th Street, which RFR developed in 2005. The condo is fully leased with the elite private club Core Club, which occupies 33,260 square feet, and restaurant chain Sweetgreen, which leases 4,590 square feet, according to marketing materials. The rest of the property, designed by Kohn Pedersen Fox and Skidmore, Owings & Merrill, houses 76 residential condo units.

Sources Familiar With Park Avenue Place said the commercial condo is expected to sell for around $65 million, or nearly $1,700 per square foot.

Rosen’s firm hired a Colliers International team led by Richard Baxter, Yoron Cohen and Scott Latham to market the condo for sale. The brokers declined to comment, and RFR did not respond to a request for comment.

RFR recently bought a former residential hotel at 90 Sands Street in Dumbo from the Jehovah’s Witnesses for $135 million and is tackling the development of 100 East 53rd Street, a Midtown condo project that has been plagued by construction delays and sluggish sales.