RFR Holding pays $350M to Morgan Stanley for office portion of 522 Fifth Avenue in Grand Central

Aby Rosen’s RFR Holding through the entity 522 Fifth Office LLC paid Morgan Stanley’s 522 Fifth Acquisition Owner LLC $350 million for nine commercial condo units comprising the office portion of 522 Fifth Avenue in Grand Central. The deal closed on August 27, 2020, and was recorded on September 3, 2020. The transaction consists of 9 parcels, including the tax class commercial condominium unit (R5). The office portion of the building has 575,000 square feet of rentable space.

City records indicate the building has 379,888 square feet, including the retail space owned by Ashkenazy Acquisition. Typically, the rentable space is much larger than the actual square feet because of loss factor.

The contract date was March 10, 2020. Richard Froom was the signatory for the buyer.

Morgan Stanley bought the building in 2006 from Stellar Management and Rockpoint for $418 million. In 2008 the building was converted into commercial condos. In 2014, Ben Ashkenazy’s Ashkenazy Acquisition bought the retail condo for $165 million.  The sale was brokered by CBRE’s Darcy Stacom and her team, according to Crain’s.

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