RFR Holding signs $92.1M refi for 145 unsold condo units in Manhattan

RFR Holding through the entity 219 West 81st Residential Holdings LLC and others as borrower signed a refi loan with lender M&T Bank valued at $92.1 million for 145 unsold residential condominium units at buildings including 25 Fifth Avenue, 28 East 10th Street, 219 West 81st Street, 530 Park Avenue and others in Manhattan.
The deal closed on May 3, 2023 and was recorded on June 2, 2023. The 145 properties have 158,309 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $581 per the PincusCo analysis. (The price per square foot analysis is the transaction price divided by square feet as reported in public records and assumes no air rights have been sold.)
The signatory for RFR Holding was Richard Froom. This refinances and adds $36.5 million in new debt to 145 condominium units in multiple apartment buildings.

The block

On the tax block of 530 Park Avenue, PincusCo has identified the owners of seven of the 11 commercial properties representing 700,225 square feet of the 1,251,557 square feet. The largest owner is Sol Goldman Investments, followed by Partyoftwo Llc and then Jordan Sekulow.
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The majority, or 49 percent of the 1.3 million square feet of built space are hotel buildings, with office buildings next occupying 48 percent of the space.

The borrower

The PincusCo database currently indicates that RFR Holding owned at least 16 commercial properties in New York City with 3,045,764 square feet and a city-determined market value of $1.3 billion. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 82 percent of the 3,045,764 square feet of built space are office properties, with hotel properties next occupying 13 percent of the space. They are all located in Manhattan.

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