RFR ups debt to $1.2B at 375 Park in Midtown East, from $789M

RFR Holding through the entity 375 Park Fee LLC as borrower signed a senior loan with lenders JPMorgan Chase and Citibank valued at $1.2 billion for the office building (O4) at 375 Park Avenue in Midtown East, Manhattan.
The deal closed on February 20, 2025 and was recorded on February 26, 2025. The prior lender was a securitized trust, Series 2013-375P, which held debt that had an original loan amount of $789 million.

The property has 849,014 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $1,413 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 owner bought the property on March 7, 2007, for $733,554. The signatory for RFR Holding was Richard Froom . The signatory for JPMorgan Chase and Citibank was Ana Rosu Marmann and Jessica Wong .

Prior sales and revenue

The 849,014-square-foot property generated revenue of $97.7 million or $115 per square foot, according to the most recent income and expense figures.

The property

The office building in Midtown East has 849,014 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 200 feet and is 302 feet deep with a total lot size of 59,950 square feet. The lot is irregular. The zoning is C5-2.5 which allows for up to 12 times floor area ratio (FAR) for commercial The property is in the Individual Landmark. The city-designated market value for the property in 2022 is $544 million.

Development

For the tax lot building, it received its initial certificate of occupancy on April 25, 2017. There are no active new building construction projects or major alteration projects with initial costs more than $1 million on this tax lot.

The neighborhood

In Midtown East, The majority, or 81 percent of the 62.6 million square feet of commercial built space are office buildings, with hotel buildings next occupying 7 percent of the space. In sales, Midtown East has the 2nd highest sale turnover among other neighborhoods in the city with $2.8 billion in sales volume in the last two years. For development, Midtown East is the 2nd most active neighborhood among other neighborhoods. It had 18 million square feet of commercial and multi-family construction under development in the last two years, which represents 29 percent of the neighborhood’s built space. There was one pre-foreclosure suit filed among other office buildings in the past 12 months.

The block

On this tax block, PincusCo has identified the owners of one of the six commercial properties representing 66,386 square feet of the 2,206,593 square feet. The identified owner is Billy Haugh.
There are no active new building construction projects on this tax block.

The majority, or 95 percent of the 2.2 million square feet of built space are office buildings, with elevator buildings next occupying 3 percent of the space.

The borrower

The PincusCo database currently indicates that Rfr Holding owned at least 18 commercial properties in New York City with 2,850,407 square feet and a city-determined market value of $1.1 billion. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 87 percent of the 2,850,407 square feet of built space are office properties, with hotel properties next occupying 8 percent of the space. The bulk, or 96 percent of the built space, is in Manhattan, with Brooklyn next at 4 percent of the space.

Direct link to Acris document. link