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Report: RFR Holdings closes $181M sale of office portion of NYC property


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Report: RFR Holdings closes $181M sale of office portion of NYC property

RFR Holdings completed the sale of the office portion of 160 Fifth Ave. in New York City for about $180.8 million or roughly $1,480 per square foot to nonprofit Simons Foundation, The Real Deal reported, citing a source close to the deal.

The seller will keep the retail portion of the 150,000-square-foot Flatiron District building, which is home to retail tenants including Club Monaco and Toby's Estate Coffee. RFR paid roughly $34.3 million for the asset in 2005.

The office portion spans 122,000 square feet across floors two to nine in the building, where Simons occupies about 67,500 square feet.

Additionally, $149 million of debt is secured on the property, which will remain in place with RFR and Simons paying their pro rata share of the balance and debt service.

An RFR spokesperson declined to comment, while a representative for Simons could not be immediately reached.

Cushman & Wakefield negotiated the sale on behalf of the buyer and seller and JLL, which is in charge of leasing for Simons, also worked on the deal, the Dec. 21 report added.