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Simons Foundation to pay $1,500 psf to acquire office portion of 160 Fifth Avenue
Aby Rosen and Micahel Fuch's RFR will keep retail at building
A mathematics and science research foundation plans to buy the office portion of RFR Holdings‘ 160 Fifth Avenue for roughly $185 million.
The Simons Foundation is purchasing the 150,000-square-foot space in the Flatiron District building, paying $1,500 per square foot, the New York Post reported. RFR, led by Aby Rosen and Michael Fuch, will maintain control of the building’s retail portion, which includes tenants Club Monaco and Toby’s Estate Coffee. Simons already leases about 76,000 square feet of office space at 160 Fifth Avenue, according to the Post.
RFR purchased the building in 2005 for $34.2 million and has a $110 million mortgage on the property. In 2016, Simons expanded its footprint in the neighborhood, inking a lease for 125,000 square feet across the street from RFR’s property at 162 Fifth Avenue.
Cushman & Wakefield investment team of Douglas Harmon, Adam Spies and Michael Collins, along with team from JLL, represented RFR. The sale is expected to close in the fall. [NYP] — Kathryn Brenzel