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RFR closes $180M sale of 160 Fifth Ave office condo
Owners will keep $149M financing in place, pay pro-rata share of balance and debt service
Aby Rosen’s RFR Holdings tied a bow on its $180 million sale of the office portion of 160 Fifth Avenue.
The sale to nonprofit Simons Foundation closed at a price of $180.75 million, a source close to the transaction told The Real Deal. That works out to nearly $1,480 per square foot.
A spokesperson for RFR declined to comment, and a representative for Simons could not be immediately reached.
The New York Post in August first reported that Rosen and Michael Fuchs’ RFR was in contract to sell the office portion of the 150,000-square-foot Flatiron District building to Simons, the philanthropic organization founded in 1994 by mathematician and hedge funder Jim Simons to advance research in science and medicine.
Cushman & Wakefield’s Adam Spies, Doug Harmon and Michael Collins negotiated the sale on behalf of the buyer and seller. JLL’s Mitch Konsker, who is the Simons Foundation’s leasing agent, also worked on the deal.
Simons occupies nearly 67,500 square feet of the 122,000-square-foot condo, which spans the second through the ninth floor in the building.
RFR, which bought the property at the corner of West 21st Street for $34.26 million in 2005, will retain the retail portion. Retail tenants include Club Monaco and Toby’s Estate Coffee.
The property has $149 million in debt on it, split between the balance of a $110 million CMBS loan and $39 million in mezzanine financing and preferred equity from PREEF Property Trust, according to the original loan prospectus. The CMBS loan carries a term of 10 years, according to data provider Trepp. The financing will stay in place with RFR and Simons responsible for paying their pro-rata share of the balance and debt service.