RFR signs $9.5M refi with M&T Bank for retail condo in Garment District

RFR Holding through the entity R & F 425 Fifth Avenue Retail LLC as borrower signed a refi loan with lender M&T Bank valued at $9.5 million for the retail condo (CC) at 425 Fifth Avenue in the Garment District, Manhattan.
The deal closed on May 10, 2021 and was recorded on June 25, 2021.
The property has 19,555 square feet of built space according to PincusCo analysis of city data. The loan price per built square foot is $485 per the PincusCo analysis.

The signatory for RFR Holding was Thomas Lavin.
(122656090)The DOB issued a major alteration (A1) initial temporary certificate of occupancy for the building with 173 residential units on October 26, 2016.
Thomas Lavin is head of asset management for RFR Holding.
Within a 400-foot radius of 425 Fifth Avenue, PincusCo identified 10 commercial real estate items of interests occurred over the past 24 months.
Of those 10 items, one was in new building development. It was a new building permit application filed on February 26, 2021 for an 80,250-square-foot R-2 building with 121 residential units residential units at 12 East 37th Street.
Of those 10 items, two were for major renovation including a certificate of occupancy change. They were two permits with a total initial cost of $33.5 million.
Of those 10 items, three were sales above $5 million totaling $999.8 million. The most recent of the three was Amazon which bought the 697,029-square-foot, two-unit retail building (K3) on 424 Fifth Avenue for $978.1 million from ARK Capital Advisors on March 13, 2020.
Of those 10 items, four were loans above $5 million totaling $130.4 million. The most recent of the four was McSam Hotel Group which borrowed $67.5 million from PIMCO secured by the 82,634-square-foot, 162-unit hotel (H2) on 16 East 39th Street on March 8, 2021.

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