RFR Holding buys out partner HQ Capital through $56M filing covering 281 Park Avenue South

RFR Holding through the entity 281 Owner LP LLC paid HQ Capital’s Recap 281 Park Avenue South Investment, L.P. $56.4 million for an 80 percent interest in 277 Park Avenue South, 281 Park Avenue South in Gramercy, information from city property records showed. The deal closed on December 16, 2019, and was recorded on December 20, 2019. The transaction consists of 2 parcels.

RFR and HQ Capital purchased 281 Park Avenue South in December 2014 for $50 million. RFR originally obtained a $40 million first-mortgage acquisition loan from Aareal Capital. In July 2017 it was reported that the Swedish museum Fotografiska had leased the entire building, then RFR in April 2018 refinanced the building with a $52 million loan from AllianceBernstein, which included a $12 million gap mortgage.

Over the past five years, there have been 11 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 $475,000. There were 9 renovation/alteration projects (A2) applied for with a total estimated value of $527,000.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link