RFR Kicks off 2025 with Successful Refinancing and Leasing Transactions
NEW YORK, March 05, 2025--(BUSINESS WIRE)--RFR has announced the completion of several successful transactions across key trophy assets including recapitalizations at the Seagram building on Park Avenue, 475 Fifth in the Bryant Park submarket and 17 State Street in the Financial District as well as a full building retail lease at 11 Bond in NoHo.
"The new year heralded a series of successful transactions that showcase the quality of our assets, and our expertise in hands-on management, strategic leasing and reinvestment to increase value," said Aby Rosen. "We are steadfast in our deep commitment to our portfolio and look forward to new achievements and opportunities as the market continues to strengthen."
Seagram: RFR finalized a $1.2 billion commercial mortgage backed security that would help refinance debt tied to the Seagram Building, a 38-story tower on Park Avenue in Midtown Manhattan. In one of the largest successful recapitalizations of the year, Seagram secured a $1.2 billion commercial mortgage. Proceeds from the CMBS will be used to repay debt that RFR had taken out against the property, including a mezzanine loan from JVP Management.
17 State Street: RFR secured a 3-year loan extension to refinance 17 State, a 42-story trophy office tower in Lower Manhattan owned by RFR for 25 years. 17 State is a true skyline icon with its unmistakeable curvilinear façade. The property boasts permanently protected views of New York Harbor and beyond from the second to 42nd floors.
475 Fifth: RFR recapitalized 475 Fifth Avenue, a trophy office building facing New York's Bryant Park, with an equity recapitalization and a refinancing of the in-place loan with a new $160 million, 3-year mortgage from Citibank, JPMorgan, and Rithm Capital. One of only five Fifth Avenue assets with direct Bryant Park exposure, 475 Fifth Avenue is an architecturally significant pre-war building situated in a prominent corner location with six activated outdoor terraces overlooking Bryant Park, a newly renovated statement lobby designed by Swanke Hayden Connell, a curated public art program, and a detailed façade restored to its original turn-of-the-century elegance.
11 Bond: RFR signed a full-building lease with UK-based fitness apparel and accessories giant Gymshark at 11 Bond St. The direct-to-consumer (DTC) retailer of high-end workout gear will take 15,000 square feet on the corner of Bond Street and Lafayette Street in the heart of Manhattan's NoHo neighborhood for its first Americas brick and mortar retail location. The four-story landmarked space, with 100 feet of frontage on Bond Street, will serve as a Gymshark's flagship U.S. outpost.
About RFR
RFR is a fully integrated real estate investment firm based in New York City with a core focus on select urban markets in the United States and Germany. Founded by Aby Rosen and Michael Fuchs in the early 1990's, the firm has been an active force in the New York City and German real estate market for much of the past three decades. RFR's portfolio has grown to include more than 100 commercial, residential, hotel, and retail properties located in select domestic and international markets.
View source version on businesswire.com: https://www.businesswire.com/news/home/20250303097024/en/
Contacts
Great Ink Communications, Ltd. – 212-741-2977Roxanne Donovan (roxanne@greatink.com)Eric Waters (Eric.Waters@greatink.com)Sara Williams (sara@greatink.com)
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