RFR Holding borrows $62M from AllianceBernstein at 281 PAS in Gramercy

Aby Rosen’s RFR Holding through the entity 281 PAS Owner LP as borrower signed a loan agreement with lender AllianceBernstein through the entity AB Commercial Real Estate Debt – B2 S.A R.L. valued at $62 million for the office building at 281 Park Avenue South in Gramercy. The deal closed on January 15, 2020 and was recorded on January 22, 2020.
The property contains a total of 33,600 square feet of built space. The property has 56,000 square feet of available development rights.
The average loan per buildable square foot is $1,107.
The last time a stake in the property sold was December 16, 2019, when RFR bought out its partner’s stake valued at $56.4 million.
The DOB issued a major alteration (A1) initial temporary certificate of occupancy for the building on June 21, 2018.
Over the past five years, there have been 19 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 2 major renovation applications including a certificate of occupancy change (A1) filed with a total estimated value of $3,031,400. There were 17 renovation/alteration projects (A2) applied for with a total estimated value of $2,497,600.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link