{"id":1004748250,"date":"2025-02-24T04:24:11","date_gmt":"2025-02-24T12:24:11","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004748250"},"modified":"2025-02-24T06:35:42","modified_gmt":"2025-02-24T14:35:42","slug":"rfr-recaps-manhattan-office-tower","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/rfr-recaps-manhattan-office-tower\/","title":{"rendered":"RFR Recaps Manhattan Office Tower"},"content":{"rendered":"\n<p><\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"alignright size-full is-resized\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/02\/475-Fifth.jpg\"><img loading=\"lazy\" decoding=\"async\" width=\"951\" height=\"1280\" data-attachment-id=\"1004748251\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/rfr-recaps-manhattan-office-tower\/475-fifth\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/02\/475-Fifth.jpg\" data-orig-size=\"951,1280\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"475-Fifth-RFR\" data-image-description=\"&lt;p&gt;Property at 475 Fifth Ave. in Manhattan&lt;\/p&gt;\n\" data-image-caption=\"&lt;p&gt;Post renovations, the office tower\u2019s facade harkens back to its original 1920s design. Image courtesy of RFR&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/02\/475-Fifth.jpg?w=761\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/02\/475-Fifth.jpg\" alt=\"Exterior shot of 475 Fifth Ave., a trophy office tower in Manhattan.\" class=\"wp-image-1004748251\" style=\"width:400px\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/02\/475-Fifth.jpg 951w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/02\/475-Fifth.jpg?resize=223,300 223w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/02\/475-Fifth.jpg?resize=768,1034 768w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/02\/475-Fifth.jpg?resize=761,1024 761w\" sizes=\"auto, (max-width: 951px) 100vw, 951px\" \/><\/a><figcaption class=\"wp-element-caption\">After renovations, the facade of the office tower reflects the original 1920s design.<em> Image courtesy of RFR<\/em><\/figcaption><\/figure><\/div>\n\n\n<p>RFR has recapitalized 475 Fifth Ave., a 275,738-square-foot trophy office asset in Manhattan, securing new debt and equity and escaping foreclosure.<\/p>\n\n\n\n<p>The deal includes a new three-year loan amounting to $160 million issued by Citibank and JPMorganChase. The same lenders had held the previous $180 million property debt due in September 2024, according to CommercialEdge information. The recapitalization also includes the infusion of new capital, although the new equity partners remain anonymous.<\/p>\n\n\n\n<p>RFR had partnered with Penske Media Corp. to purchase the asset in 2022. Nuveen Real Estate sold 475 Fifth Ave. for $291 million, CommercialEdge shows, after having invested $60 million in capital expenditures nine years prior.<\/p>\n\n\n\n<p>The 24-story building debuted in 1926, its floorplates ranging from 4,103 to 18,382 square feet. Amenities comprise a newly renovated lobby and a public art program, to name a few. The property achieved LEED Silver certification in 2015.<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity has-very-light-gray-to-cyan-bluish-gray-gradient-background has-background is-style-wide\"\/>\n\n\n\n<p><strong>READ ALSO:<\/strong> <a href=\"https:\/\/www.commercialsearch.com\/news\/top-commercial-mortgage-lenders-and-brokerage-firms\/\">2025 Top Commercial Mortgage Banking and Brokerage Firms<\/a><\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity has-very-light-gray-to-cyan-bluish-gray-gradient-background has-background is-style-wide\"\/>\n\n\n\n<p>The property is more than 90 percent leased, according to <em>Commercial Observer<\/em>. Its largest tenant is Penske Media, which signed a long-term lease for nearly 110,000 square feet. The roster also includes design firm Stantec and investment company Kylin Management.<\/p>\n\n\n\n<p>New York Public Library is across the street from 475 Fifth Ave., while Grand Central and Bryant Park are within walking distance.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-rfr-s-road-to-stabilization\">RFR&#8217;s road to stabilization<\/h2>\n\n\n\n<p>RFR\u2019s New York portfolio nears stabilization through recent recapitalizations, Co-Founder &amp; Principal Aby Rosen said in prepared remarks. This month, the company landed a $1.2 billion CMBS note to refinance 375 Park Ave., according to multiple sources. The loan retired the office tower\u2019s previous <a href=\"https:\/\/www.commercialsearch.com\/news\/rfr-lands-1-1b-refi-for-manhattan-tower\/\">$1.1 billion debt<\/a>.<\/p>\n\n\n\n<p>The company rounded up 2024 with another significant office deal, having obtained a three-year extension for the note encumbering 17 State St. The 571,000-square-foot property was subject to a $180 million CMBS loan originated by JPMorganChase.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-manhattan-s-mixed-office-signals\">Manhattan&#8217;s mixed office signals<\/h2>\n\n\n\n<p>Manhattan\u2019s office market has seen significant changes across several key markers since the beginning of the year, according to a recent <a href=\"https:\/\/www.commercialsearch.com\/news\/commercialedge-office-report-january\/\">CommercialEdge report<\/a>. <\/p>\n\n\n\n<p>The borough\u2019s vacancy rate climbed only 10 basis points year-over-year to 16.6 percent in January\u2014well below the national average of 19.7 percent. Meanwhile, listing rates dropped 3.6 percent year-over-year and settled at $68.2 per square foot, while the national office rents were up 5.8 percent during the same interval. \u00a0<\/p>\n\n\n\n<p>However, office lending has shown signs of revival. Earlier this month, Ivanho\u00e9 Cambridge secured a <a href=\"https:\/\/www.commercialsearch.com\/news\/ivanhoe-cambridge-lands-1-1b-refi-for-manhattan-tower\/\">$1.12 billion loan<\/a> for the refinancing of a 42-story trophy tower in Midtown Manhattan.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The deal includes a $160 million loan.<\/p>\n","protected":false},"author":3471,"featured_media":1004748253,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21825,1600,21742,10,21747],"tags":[33457,35547,33775],"class_list":["post-1004748250","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance","category-new-york","category-latest","category-northeast","category-office","tag-citibank","tag-jpmorgan","tag-rfr-holding"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - 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