NEW YORK CITY- Deutsche Asset & Wealth Management has provided RFR Realty with a $20-million construction loan that will pay for a major upgrade at its 90 Fifth Ave. office building.
RFR had intended to sell the property, but decided to retain the 115,000-square-foot building when Forbes defaulted on its rent, according to the New York Post. With most of the building vacant, RFR can now concentrate on making improvements to the property.
“When we got the space back, we stopped selling it because we had the opportunity to re-tenant it, the same as we do with all our buildings,” RFR Realty's Aby Rosen. “What we're doing is good for the market in an area going through a dramatic repositioning.”
Plans for the building include a new lobby, elevators, common areas, upgraded infrastructure and a 2,500 square-foot roof terrace. See story in the New York Post.
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