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