{"id":1004756666,"date":"2025-05-05T03:55:11","date_gmt":"2025-05-05T11:55:11","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004756666"},"modified":"2025-05-05T05:40:00","modified_gmt":"2025-05-05T13:40:00","slug":"amazon-buys-troubled-midtown-manhattan-asset-from-rfr","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/amazon-buys-troubled-midtown-manhattan-asset-from-rfr\/","title":{"rendered":"Amazon Buys Troubled Midtown Manhattan Asset"},"content":{"rendered":"<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\/05\/522-Fifth-Ave.-CommercialEdge.jpg\"><img decoding=\"async\" data-attachment-id=\"1004756684\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/amazon-buys-troubled-midtown-manhattan-asset-from-rfr\/522-fifth-ave-commercialedge\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/05\/522-Fifth-Ave.-CommercialEdge-e1746448891705.jpg\" data-orig-size=\"640,480\" 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;\\u00a9 Yardi Systems, Inc.&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=\"522 Fifth Ave. CommercialEdge\" data-image-description=\"\" data-image-caption=\"\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/05\/522-Fifth-Ave.-CommercialEdge-e1746448891705.jpg?w=640\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/05\/522-Fifth-Ave.-CommercialEdge.jpg\" alt=\"Exterior shot of the office building at 522 Fifth Ave. in Midtown Manhattan\" class=\"wp-image-1004756684\" style=\"width:400px\"\/><\/a><figcaption class=\"wp-element-caption\">RFR acquired 522 Fifth Ave. in 2020, for $350 million. <em>Image courtesy of CommercialEdge<\/em><\/figcaption><\/figure><\/div>\n\n\n<p>Amazon has bought a struggling Midtown Manhattan office property from RFR Realty. The purchase price for the 23-story, 595,430-square-foot building at 522 Fifth Ave. has not been disclosed. The vacant asset had been in foreclosure.<\/p>\n\n\n\n<p>SL Green is reported to have bought the property\u2019s debt at a large discount, for just $134 million, after the building entered foreclosure last June.<\/p>\n\n\n\n<p>An SL Green spokesperson told <em>Commercial Property Executive<\/em> that the company \u201cpreviously held a mortgage loan <a href=\"https:\/\/www.commercialsearch.com\/news\/top-5-nyc-office-building-sales-march-2025\/\">investment position in the office condo<\/a> at 522 Fifth Ave. The loan has been satisfied, and SL Green no longer holds an ownership position in the asset.\u201d<\/p>\n\n\n\n<p>RFR could not be reached for comment, and Amazon did not reply to <em>CPE<\/em>\u2019s request for additional information.<\/p>\n\n\n\n<p>The Class B property came online in 1896 as a hotel. It then got converted into office in 1919, CommercialEdge data shows. It was substantially expanded in 1961, after which it was renovated in 1997 and 2007. Amazon\u2019s New York headquarters is close by, at 424 Fifth Ave.<\/p>\n\n\n\n<p>RFR acquired the building from Morgan Stanley in September 2020 for $350 million, using a $224 million funding package consisting of a $55.5 million variable-rate loan from SL Green Realty and a $168.5 million interest-only CMBS loan, according to CommercialEdge information. Both notes were set to mature in March 2024.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-opposite-extremes\">Opposite extremes<\/h2>\n\n\n\n<p>Barely two weeks ago, RFR <a href=\"https:\/\/www.commercialsearch.com\/news\/korean-lenders-foreclose-on-rfr-office-building\/\">surrendered its ownership of 285 Madison Ave.<\/a> to its mezzanine lender, a consortium of large South Korean insurance companies. The UCC foreclosure of the 511,000-square-foot office tower near Grand Central Terminal was led by Ocean West Capital Partners.&nbsp;<\/p>\n\n\n\n<p>Amazon has been in a happier situation with respect to real estate recently. In its metro Seattle home turf, the e-commerce giant is proceeding with its <a href=\"https:\/\/www.commercialsearch.com\/news\/top-projects-that-will-reshape-seattle\/\">Bellevue 600 project<\/a> in the eponymous submarket. The development\u2019s two towers will total more than 1.5 million square feet of office space when they deliver later this year.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>RFR escapes foreclosure with the timely sale of the 600,000-square-foot building.<\/p>\n","protected":false},"author":882,"featured_media":1004756684,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21825,21783,1600,21742,10,21747],"tags":[37482,34823,34964],"class_list":["post-1004756666","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance","category-investment","category-new-york","category-latest","category-northeast","category-office","tag-amazon","tag-rfr-realty","tag-sl-green-realty-corp"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - 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