RXR Realty borrows additional $59M from AIG for office in Midtown West
RXR Realty through entities including RXR 1285 Owner LLC, C&K 1285 Owner LLC as borrowers signed a refi loan with lender AIG through the entity American General Life Insurance Company valued at $59 million for the office building (O4) at 1285 Avenue Of The America in Midtown West, Manhattan. In this transaction, RXR is obtaining an additional $59 million in debt on top of a $731 million refi in 2023. RXR bought the property for $1.65 billion.
The deal closed on November 21, 2024 and was recorded on April 7, 2025. The prior lender was AIG which held debt that had an original loan amount of $731 million.
The property has 1,613,847 square feet of built space according to a PincusCo analysis of city data.
The signatory for RXR Realty was David Frank . The signatory for AIG was Michael Medvin .
Prior sales and revenue
The 1,613,847-square-foot property generated revenue of $159.4 million or $99 per square foot, according to the most recent income and expense figures.
The property
The office building in Midtown West has 1,613,847 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 200 feet and is 400 feet deep with a total lot size of 80,333 square feet. The zoning is C5-3 which allows for up to 15 times floor area ratio (FAR) for commercial and up to 10 times FAR for residential with inclusionary housing. The city-designated market value for the property in 2022 is $783.5 million. The most recent loan totaled $731 million and was provided by AIG and Morgan Stanley on October 26, 2023.
Violations and lawsuits
There were no lawsuits or bankruptcies filed against the property for the past 24 months. In addition, according to city public data, the property has received $8,275 in OATH penalties in the last year.
Development
For the tax lot building, it received its initial certificate of occupancy on September 13, 2012. 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 West, The majority, or 75 percent of the 75.9 million square feet of commercial built space are office buildings, with hotel buildings next occupying 14 percent of the space. In sales, Midtown West 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 West is the most active neighborhood among other neighborhoods. It had 32.4 million square feet of commercial and multi-family construction under development in the last two years, which represents 43 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 two of the two commercial properties representing 3,247,391 square feet of the 3,247,391 square feet. The two identified owners are Rxr Realty and Commonwealth Partners.
There are no active new building construction projects on this tax block.
All properties are office.
The borrower
The PincusCo database currently indicates that Rxr Realty owned at least 22 commercial properties with 1,000 residential units in New York City with 9,927,682 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 89 percent of the 9,927,682 square feet of built space are office properties, with D3 properties next occupying 4 percent of the space. The bulk, or 81 percent of the built space, is in Manhattan, with Brooklyn next at 14 percent of the space.
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