Aby Rosen ditches $600M in building buys

The RFR Realty chief is calling off deals for 900 Third Avenue, 1600 Broadway

New York /
Apr.April 10, 2020 03:17 PM
RFR Realty’s Aby Rosen with 1600 Broadway and 900 Third Avenue (Credit: Getty Images, Google Maps)

RFR Realty’s Aby Rosen with 1600 Broadway and 900 Third Avenue (Credit: Getty Images, Google Maps)

Aby Rosen is walking away from more than $600 million worth of real estate deals.

The RFR Realty chief has abandoned a deal to buy 900 Third Avenue in Midtown from Paramount Group for $400 million and a retail condo at 1600 Broadway in Times Square that was on the market for more than $200 million, according to Business Insider. Rosen may look to complete his 900 Third Avenue purchase once the pandemic ends.

Rosen’s decisions reflect the uncertainty in the New York City investment sales market as the coronavirus pandemic shakes the national and local economy. He’s also not the first developer to walk away from a major deal.

Joseph Chetrit, for instance, canceled his deal to buy the former Daily News building at 220 East 42nd Street in Midtown from SL Green for $815 million in March after his main lender, Deutsche Bank, pulled out.

Rosen’s RFR controls many prominent office towers in Midtown, including the Seagram Building and the Chrysler Building. Rosen has not yet revealed many details about his plan for the Chrysler Building, but the skyscraper’s arcade space, which used to be filled with mom-and-pop stores, now sits largely empty. [Business Insider] — Eddie Small


Related Articles

arrow_forward_ios
US office investment market remains well below 2019 levels
US office investment market remains well below 2019 levels
US office investment market remains well below 2019 levels
The big inflation hedge that wasn’t
The big inflation hedge that wasn’t
The big inflation hedge that wasn’t
Microsoft CEO Satya Nadella and American Express CEO Stephen Squeri (Getty, American Express)
Microsoft, AmEx push back office returns
Microsoft, AmEx push back office returns
(iStock)
Fewer than 1 in 4 Long Islanders behind on rent has applied for relief
Fewer than 1 in 4 Long Islanders behind on rent has applied for relief
More and more homebuyers and investors are coming to the negotiating table with cash in hand. (iStock)
Cash buyers snatch a third of US home sales
Cash buyers snatch a third of US home sales
Boston Properties CEO Owen Thomas (iStock)
“Delta is affecting the when”: Covid variant complicates NYC’s recovery
“Delta is affecting the when”: Covid variant complicates NYC’s recovery
President Joe Biden and Justice Brett Kavanaugh (Getty, iStock)
Eviction ban heads back to Supreme Court
Eviction ban heads back to Supreme Court
(Getty)
DIYers are no longer racing for hammer and nail
DIYers are no longer racing for hammer and nail
arrow_forward_ios

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

Loading...