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RFR buys 175-225 Third Street for $175M

Ullico provided the debt

Old ODA rendering for 175-225 Third Street (Credit: Kushner/ODA)

Aby Rosen’s RFR Realty has closed on a Gowanus development site at 175-225 Third Street from SL Green and Kushner Companies for $115 million, according to Crain’s.

Acquisition Financing: RFR secured a $74 million mortgage from Ullico to close the deal. The life insurance company assumed the $40 million unpaid balance on the property and provided a $34 million gap mortgage.

Be Smart: The 133,245 SF parcel sits right across for newly built Whole Foods. RFR expects the site to be rezoned from 280,000 buildable square feet to nearly 1 million square feet under the Gowanus rezoning.

Flashback: The partnership paid around $72 million for the site in 2014. Nice job!

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