Aby Rosen ditches $600M in building buys

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

TRD 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
Lexington Ave. on May 03, 2020 (Credit: Roy Rochlin/Getty Images)

NYC sees second week with no mid-market deals since onset of pandemic

NYC sees second week with no mid-market deals since onset of pandemic
Inside South Florida’s mall, retail and restaurant reopenings

Inside South Florida’s mall, retail and restaurant reopenings

Inside South Florida’s mall, retail and restaurant reopenings
(Illustration by Daniel Castro Maia)

Not your father’s distress: Down market could be opportunity of a lifetime or a big letdown

Not your father’s distress: Down market could be opportunity of a lifetime or a big letdown
A judge allowed Le Pain Quotidien to be released from 59 of its leases. (Getty, iStock)

Le Pain Quotidien freed from 59 leases in bankruptcy

Le Pain Quotidien freed from 59 leases in bankruptcy
The Centers for Disease Control released new guidelines for offices as they reopen amid the coronavirus. (Getty)

CDC recommendations would drastically alter offices

CDC recommendations would drastically alter offices
IBM CEO Arvind Krishnam and 88 University Place (Google  Maps, IBM)

IBM to leave WeWork’s 88 University Place

IBM to leave WeWork’s 88 University Place
The Hotel Indigo Lower East Side at 171 Ludlow Street and Rotem Rosen (Credit: Hotel Indigo)

Tallying crisis’ toll on MRR Development’s Hotel Indigo

Tallying crisis’ toll on MRR Development’s Hotel Indigo
Hotel occupancy continued its recovery from the coronavirus, with rates reaching an average of 35% in the U.S. after Memorial Day weekend. (Getty)

Hotel occupancy hovers around 35% after Memorial Day boost

Hotel occupancy hovers around 35% after Memorial Day boost
arrow_forward_ios

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

Loading...