SL Green paid 60 cents on the dollar to buy the loan on Aby Rosen’s 522 Fifth Avenue.
The Marc Holliday-led REIT bought the $224 million loan on RFR Realty’s empty, 23-story office building for around $134 million, according to a source familiar with the deal.
Commercial Observer last week reported news of SL Green’s purchase of the debt from Credit Suisse, but did not have the price.
The figure provides some transparency into the evolving situation at Rosen’s building, as well as the market for distressed office debt.
A spokesperson for RFR declined to comment on the price, but said RFR worked proactively with SL Green on the debt purchase.
“RFR is set to begin a full scale building renovation this month, and remains excited about moving forward with this unique redevelopment,” the spokesperson said.
SL Green did not respond to a request for comment, and is staying tight-lipped on the deal.
Company CFO Mark DiLiberto declined to discuss the deal when asked Wednesday at Bank of America’s Global Real Estate Conference.
A Newmark team led by Adam Spies and Joshua King ran the sales process for Credit Suisse.
RFR bought the building in 2020 from Morgan Stanley for $350 million. Credit Suisse provided a floating rate loan, and then interest rates shot up.
Credit Suisse affiliate Column Financial filed to foreclose in June.
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