RFR co-founders Aby Rosen and Michael Fuchs, billionaire Peter Brant, investor Harry Lis and hotelier Ian Schrager
A $700 million asking price may be the least of prospective buyers’ concerns as they contemplate the purchase of a 49 percent stake in the landmarked Seagram Building at 375 Park Avenue, between 52nd and 53rd streets, according to Crain’s. Another major problem may be the trail of failed partnerships left behind by majority owners Aby Rosen and Michael Fuchs.
Billionaire Peter Brant is selling his share of the property after his relationship with Rosen and Fuchs soured. At one point, the pair reportedly made somewhat disparaging remarks about Brant’s wife, former supermodel Stephanie Seymour. Brant and Seymour were reportedly going through an especially public divorce at the time of the remarks, with accusations of infidelity and drug use referenced in the media. Brant is expected to make between $100 million and $150 million from the sale, based on a valuation of about $1.1 billion for the building and its debt.
Investor Harry Lis also taking issue with Rosen and Fuchs, suing them for $7.3 million allegedly withholding millions in proceeds from the sale of 451 Lexington Avenue, which brought in $29 million in 2010. In a more recent suit, filed in early May, he alleges that RFR, Rosen and Fuchs’ company, is withholding $4.4 million owed him on the sale of the leasehold on 400 Park Avenue.
In 2010, the duo also split with hotelier Ian Schrager, citing a clash of egos. [Crain’s]