Aby Rosen’s firm pulled off another deal for one of his troubled office buildings.
Rosen’s RFR has sold 522 Fifth Avenue to Amazon for an undisclosed price, sources told The Real Deal.
The firm did not identify the price or the buyer in the deal, only saying it was an owner-occupier. Sources told TRD the buyer is the e-commerce giant, which has its New York headquarters nearby at the former Lord & Taylor building at 424 Fifth Avenue.
A spokesperson from Amazon confirmed the purchase, saying the company ”continuously evaluate[s] our corporate office needs to best serve Amazon’s businesses, employees, and customers.”
RFR had faced foreclosure on the 600,000-square-foot property last summer, before SL Green came in and bought the building’s $224 million debt at a hefty discount.
“We’ve always had a sharp eye for architecturally significant assets that stand the test of time,” Rosen said in a statement Friday morning announcing the sale. “This sale speaks not only to the enduring appeal of the building, but to the strength of the Grand Central corridor and the growing demand for distinctive, high-quality opportunities in New York.”
RFR acquired 522 Fifth Avenue from Morgan Stanley in 2020. Rosen has since struggled with several investments after interest rates began to climb in 2022, most notably losing the Chrysler Building in January. Last week, he lost the building at 285 Madison Avenue to foreclosure.
But he’s also put together some creative deals.
Last year, he sold 980 Madison to Bloomberg Philanthropies for $560 million, and in February, he brought 475 Fifth Avenue back from the brink of foreclosure with a $160 million recapitalization. RFR late last year negotiated a three-year extension on 17 State Street, where the company had faced foreclosure on a $180 million loan.
Amazon, meanwhile, bought the Lord & Taylor building for $1.15 billion in 2020 and transformed it into its Big Apple HQ. But the company clearly needs more space.
Jeff Bezos’ firm has signed at least three large leases since November, totaling more than 600,000 square feet.
Read more
RFR slapped with $224M pre-foreclosure as overdue debts pile up
SL Green bought Aby Rosen’s 522 Fifth debt at 40% discount
This article has been updated to include context on the company’s recent deals.
