Rialto wants to sell the $ 100 million loan on the 90 Fifth Avenue of ABY Rosen and the Distressed office building as a potential Condo conversion.
The special Jeff Krasnoff manager has offered the $ 104.5 million for sale, invite investors to offer to the debt or to make an offer for the property if Rialto can get the title.
The vacant building is “positioned as a Prime Office headquarters or Condo conversion project from World Class,” said a newmark marketing memo.
It is not entirely clear whether – or when – Rialto or another investor can get control of the property, which corresponds to a shielding or RFR with the handing of the keys.
Rialto brought a lawsuit in February and tried to predict in the Midtown South building of the turn of the century, claiming that the Rosen company had failed when it did not pay a real estate tax in 2023 and 2024. At the end of August, the judge who supervised the case that approved Rialto’s request to set his motion to set RFR.
A Rialto spokesperson was not immediately available for comment and a representative for RFR refused to comment. A Newmark team led by Adam Spies and Adam Doneger supervises the Note-Sale process.
RFR bought the building for $ 37 million in 2000 and refinanced in 2017 with a loan of $ 104.5 million from Goldman Sachs, who sold the debt to CMBS investors.
The 137,000 square foot building was recently partially rented to Compass, which had an office of 89,000 square feet there. However, Compass has broken its lease, and now the office area of 126,000 square feet is completely empty.
Rialto and Rosen have sparkled earlier and in some cases have been able to work out deals. RFR negotiated a settlement when Rialto sued the company about 17 State Street. But the rules of involvement are stricter when it comes to CMBS investors, who represents Rialto in this action.
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