Aby Rosen teams up with Rolling Stone publisher on $290M office deal

Penske Media is one of the largest tenants at 475 Fifth Avenue

New York /
May.May 20, 2022 05:07 PM
Aby Rosen and Jay Penske in front of 475 Fifth Avenue (LoopNet, Getty Images, iStock/Photo Illustration by Steven Dilakian for The Real Deal)

Aby Rosen and Jay Penske in front of 475 Fifth Avenue (LoopNet, Getty Images, iStock/Photo Illustration by Steven Dilakian for The Real Deal)

Aby Rosen closed the book on his latest office deal with help from an unlikely source.

Rosen’s RFR Holding teamed up with Variety and Rolling Stone publisher Penske Media Corporation to finalize his $290 million purchase of 475 Fifth Avenue, where the glossy magazine company has its headquarters.

Penske Media contributed 50 percent of the equity in the partnership, a source familiar with the purchase told The Real Deal.

Representatives for RFR and Penske did not immediately respond to requests for comment.

Rosen and Penske closed their purchase from Nuveen Real Estate Thursday. They closed the deal with a $260 million loan, Commercial Observer reported. Citigroup and JPMorgan teamed up on the senior mortgage, while PCCP provided mezzanine debt.

CBRE negotiated the sale and the financing.

Penske, led by chairman and CEO Jay Penske, occupies roughly 45 percent of the rentable area in the 24-story, 1920s-era building at the corner of East 41st Street across from the New York Public Library and Bryant Park. The company built out a video studio overlooking the library.

Other tenants include Stantec and LBB Industries.

RFR recently paid more than $100 million to buy a pair of hotels in Downtown Miami.





    Related Articles

    arrow_forward_ios
    Clockwise from top left: 162 West 13th Street, 325 Avenue Y in Brooklyn, 1281 Viele Avenue in the Bronx (Credit: Google Maps)
    Here’s what the $10M-$30M NYC investment sales market looked like last week
    Here’s what the $10M-$30M NYC investment sales market looked like last week
    240 Sullivan Street and Sky Management’s Jonathan Ohebshalom (Sky Management, Google Maps, iStock)
    Sky buys Greenwich Village mixed-use building in quiet week for i-sales
    Sky buys Greenwich Village mixed-use building in quiet week for i-sales
    From left: 121 West 26th Street, Watermark’s Brendan Medzigian and Two Kings Principal Christopher Wang (Google Maps, Watermark , LinkedIn)
    Watermark Capital sells Holiday Inn in Chelsea for $80 million
    Watermark Capital sells Holiday Inn in Chelsea for $80 million
    From left: SMA's Samy Mahfar and Gaia's Danny Fishman in front of 99 Allen Street, 177 Ludlow Street, and 102 Norfolk Street in Manhattan (Google Maps, LinkedIn/Sammy Mahfar, GAIA Real Estate)
    Gaia, SMA trade LES buildings in busy week for i-sales
    Gaia, SMA trade LES buildings in busy week for i-sales
    Joseph Chetrit with 92-11 147th Place (Getty, Google Maps, iStock)
    UES apartments, Midtown strip club trade in another active week for i-sales
    UES apartments, Midtown strip club trade in another active week for i-sales
    Vanbarton's Justin Kleinman and 103-109 East Burnside Avenue (LinkedIn, Google Maps, iStock)
    Vanbarton unloads 3 Bronx properties in busy week for i-sales
    Vanbarton unloads 3 Bronx properties in busy week for i-sales
    (iStock)
    Another big quarter for tri-state warehouses, but party may be ending
    Another big quarter for tri-state warehouses, but party may be ending
    GAIA's Danny Fishman with 177 Ludlow Street, 99 Allen Street, and 102 Norfolk Street (GAIA Real Estate, Google Maps)
    Gaia on multifamily buying spree as others back off
    Gaia on multifamily buying spree as others back off
    arrow_forward_ios

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

    Loading...