NEW YORK CITY-RFR Realty could be getting ready to build on a key site on Lexington Avenue just as the New York City Council prepares for a final vote on a rezoning plan that would boost development parameters in midtown east.
RFR has secured a $70-million bridge loan from the Union Labor Life Insurance Co. for 610 Lexington Ave., according to Crain's New York Business. The property is a long vacant lot on East 53rd Street that under current zoning regulations could accommodate approximately 200,000 square feet of commercial development. The site could see its development potential substantially increased if the midtown east zoning plan is approved.
RFR Realty officials had no comment on its bridge loan and the midtown east rezoning. See story in Crain's New York Business.
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