Aby Rosen’s firm pulled off another deal for one of his troubled office buildings.
Rosen’s RFR has sold 522 Fifth Avenue to Amazon for an undisclosed price, sources told The Real Deal.
The firm did not identify the price or the buyer in the deal, only saying it was an owner-occupier. Sources told TRD the buyer is the e-commerce giant, which has its New York headquarters nearby at the former Lord & Taylor building at 424 Fifth Avenue.
A representative from Amazon did not immediately respond to a request for comment.
RFR had faced foreclosure on the property last summer, before SL Green came in and bought the building’s debt at a hefty discount.
“We’ve always had a sharp eye for architecturally significant assets that stand the test of time,” Rosen said in a statement Friday morning announcing the sale. “This sale speaks not only to the enduring appeal of the building, but to the strength of the Grand Central corridor and the growing demand for distinctive, high-quality opportunities in New York.”
RFR bought 522 Fifth Avenue from Morgan Stanley in 2020. Rosen has struggled with several investments as interest rates shot up, but he’s also put together some creative deals.
Last year he sold 980 Madison to Bloomberg Philanthropies for $560 million.
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SL Green bought Aby Rosen’s 522 Fifth debt at 40% discount