Two Midtown South offices land $52M refi

Aron Rosenberg’s R&B Realty secured financing from Lightstone Capital

New York /
Mar.March 23, 2022 10:15 AM

Aron Rosenberg, founder, R&B Realty, in front of 32-36 West 39th Street (left) and 28 West 36th Street (right) (R&B Realty, Google Maps, LoopNet, iStock)

R&B Realty Group is at it again, refinancing a pair of office buildings one year after a similar deal staved off foreclosure at the Midtown South properties.

Aron Rosenberg’s firm landed a combined $52 million to refinance office buildings at 28 West 36th Street and 32 West 39th Street, the Commercial Observer reported. Lightstone Capital was the senior lender on the transaction.

Lightstone senior managing director Eugene Rozovsky told the outlet the buildings are historically 90 percent leased and believes the condo conversions in the latter will sell “briskly.” Lightstone has executed more than $200 million in loans this year alone.

Rozovsky led the deal for the lender, according to the Observer. Tal Bar-Or of Lantern Real Estate negotiated the transaction, which reportedly closed in 10 business days.

If this all sounds familiar, it’s because a similar refinancing package was bestowed upon the buildings a year ago. Ladder Capital in March 2021 provided R&B slightly under $51 million to pay off its loans, helping to save the two buildings from possible foreclosure.

The two buildings were the subject of a lawsuit after the landlord filed a case to prevent Maverick Real Estate Partners from foreclosing. R&B claimed Maverick was “charging a default interest of 24 percent on each of the loans, and seems intent to … acquire the buildings on the cheap.”

Rudder Property Group announced last month it would be handling sales and marketing of the 16-story office condo conversion at 32 West 39th Street.

Sales at the 87,000-square-foot building, constructed in 1925, are expected to begin next quarter. Renovation work recently restored the facade and upgraded both the lobby and elevators. Floor plans will range from 3,970 to 8,371 square feet, though combinations are possible.

The building on West 36th Street spans 66,000 square feet and includes ground-floor retail, rising 12 stories tall.

[CO] — Holden Walter-Warner





    Related Articles

    arrow_forward_ios
    With a cooling trade war, stocks perform well, including real estate. (Credit: iStock)
    Real estate stocks push up this week as U.S.-China trade tensions ease
    Real estate stocks push up this week as U.S.-China trade tensions ease
    416 West 25th Street and Maverick Real Estate Partners principal David Aviram (Credit: Google Maps and LinkedIn)
    Chelsea landlord claims “predatory” lender is charging a crippling interest rate as punishment after losing foreclosure case
    Chelsea landlord claims “predatory” lender is charging a crippling interest rate as punishment after losing foreclosure case
    CHIP executive director Jay Martin (LinkedIn, iStock / Photo illustration by Priyanka Modi)
    Landlords called it: Vacancy rate jumps, rent-stabilization stays
    Landlords called it: Vacancy rate jumps, rent-stabilization stays
    331 Elmora Avenue and 103 Ryan Street (Kislak Realty)
    Tri-state deal roundup: Multifamily, industrial still hot
    Tri-state deal roundup: Multifamily, industrial still hot
    From left: Vice Media CEO Nancy Dubuc, Rudin’s CEO and co-chairman Bill Rudin, and Dock 72 (Getty Images, S9 Architecture, Rudin Management, iStock)
    Vice scraps move to Rudin’s Dock 72
    Vice scraps move to Rudin’s Dock 72
    From left: Metro Loft Management founder Nathan Berman, Silverstein Properties chairman Larry Silverstein, and 55 Broad Street (Metro Loft, Silverstein Properties, LoopNet)
    Silverstein, Metro Loft pick up Rudin’s 55 Broad Street for $180M
    Silverstein, Metro Loft pick up Rudin’s 55 Broad Street for $180M
    1552-1560 Broadway and Wharton Properties’ Jeff Sutton (Google Maps)
    Investor claims Jeff Sutton cheated him out of millions on Times Square deal
    Investor claims Jeff Sutton cheated him out of millions on Times Square deal
    Burberry's Jonathan Akeroyd with 11 West 42nd Street (Getty, Google Maps, iStock)
    Burberry sews up deal at Tishman Speyer building
    Burberry sews up deal at Tishman Speyer building
    arrow_forward_ios

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

    Loading...