RFR signs $27M refi loan with DWS for retail in Flatiron District

RFR Holding through the entity RFL 160 Fifth LLC as borrower signed a refi loan with lender DWS Group through the entity Bvk-Rreef-Globaler Immobinien-Spezialfonds valued at $27 million for the retail condominium unit at 160 Fifth Avenue in Flatiron District, Manhattan.
The deal closed on March 26, 2026 and was recorded on April 17, 2026. The prior lender was DWS Group which held debt that had an original loan amount of $27 million, given in 2018.

The property has 19,757 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $1,366 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 . The signatory for DWS Group was Daniel Sang and Catherine Millane.

The property

The retail condo in Flatiron District has 19,757 square feet of built space according to a PincusCo analysis of city data. The parcel has a total lot size of 19,757 square feet. The city-designated market value for the property in 2022 is $31.2 million.

Transaction Participants

Jonathan M. Karl at Milbank LLP participated in the transaction on behalf of the lender.

Violations and lawsuits

The property was involved in one lawsuit and zero bankruptcies over the past two years. The suit was a $1.1 million money judgment concerning a retail lease filed on August 1, 2025, by RFR Holding against Club Monaco. In addition, according to city public data, the property has not received any significant violations in the last year.

Development

For the tax lot building, it received its initial certificate of occupancy on October 6, 2020. 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 Flatiron District, The majority, or 71 percent of the 23.2 million square feet of commercial built space are office buildings, with elevator buildings next occupying 15 percent of the space. In sales, Flatiron District has 2.2 times the average sales volume among other neighborhoods with $772.7 million in sales volume in the last two years and is the 16th highest in Manhattan. For development, Flatiron District is the 10th most active neighborhood among other neighborhoods. It had 5.4 million square feet of commercial and multi-family construction under development in the last two years, which represents 23 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of 13 of the 24 commercial properties representing 599,699 square feet of the 1,040,488 square feet. The largest owner is Rosen Equities, followed by Alexis L. Siegel and then Jack Vogel Associates Of David Vogel.
On the tax block, there was one new building construction project filed totaling 57,824 square feet. It is a one-unit, 57,824 square-foot residential (R-3) building submitted by Steven Mashaal with plans filed December 31, 2013 and permitted October 5, 2016.

The majority, or 92 percent of the 1 million square feet of built space are office buildings, with mixed-use buildings next occupying 6 percent of the space.

The borrower

The PincusCo database currently indicates that RFR Holding owned at least 32 commercial properties with 155 residential units in New York City with 2,627,337 square feet and a city-determined market value of $3.1 billion. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 71 percent of the 2,627,337 square feet of built space are office properties, with hotel properties next occupying 12 percent of the space. The bulk, or 96 percent of the built space, is in Manhattan, with Brooklyn next at 3 percent of the space.

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