Successful Recapitalizations of Office Trophy 17 State Street and Retail Assets in Chelsea and Upper East Side
RFR announced the refinancing and recapitalization of several key assets in New York, including a trophy office property at 17 State Street, and high street retail assets at 670 Avenue of the Americas and 150 East 72nd Street. The transactions closed at the end of 2024, building on the significant success stories for the firm last year despite a challenging market.
“RFR’s commitment to holding our prized properties has never wavered, and we’re pleased to round out our successful 2024 by announcing the first of several deals that affirm our ownership of high-profile office and retail assets in New York,” said Aby Rosen, Co-Founder and Principal of RFR.
17 State Street: Refinancing with 3-year loan extension for the 42-story, 571,000-square-foot trophy office tower in Lower Manhattan that RFR has owned 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.
670 Avenue of the Americas: RFR bought back and paid off the previous loan on this prime Avenue of the Americas retail property in Chelsea. The firm is currently working with the brokerage Retail by MONA to re-tenant the property in the context of a strong local leasing market.
150 East 72nd Street: Refinancing of Upper East Side retail property with 5-year loan extension. This property is a boutique space in a prime location at Lexington Avenue and 72nd Street that offers direct building lobby access.
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