90 Fifth Ave. Purchased by RFR Holdings in a $40+ Mil Transaction

NEW YORK CITY-RFR Holdings LLC has bought 90 Fifth Ave., an 11-story office building located at the northwest corner of 14th Street. It also bought its master lease from Thomson Financial and re-leased the property to Forbes Inc. The total value of the deal was more than $40 million.

Forbes had been leasing the top five floors from Thomson. The master lease had been set to expire in 2006. Forbes has inked a long-term lease for the entire property, which rents at rates from $45 per sf to $50 per sf.

“This is a great asset that requires very minor improvements in a area where more commercial tenants are being drawn as the office market’s boundaries push farther west,” says RFR chief operating officer Jason Brown.

RFR acquired the 130,000 sf structure, built in 1903, from a partnership of owners. Retail space takes up $15,000 sf (split between Chase Manhattan Bank and Vidal Sassoon Salon) and 115,000 sf is devoted to office space. Cushman and Wakefield represented Forbes in the transaction.

RFR has a portfolio of 16 Manhattan properties including Lever House, Swiss Center, 400 Park Ave. and 757 Third St.