RFR finds a user as a buyer
The Simons Foundation has entered into contract to acquire the office portion (150,000 SF) of 160 Fifth Avenue from Aby Rosen’s RFR Realty for around $185 million. The office building is located in the Flatiron District between Madison Square Park and Union Square.
Be Smart: Jim Simons’ private foundation already leases more than 76,000 square feet at the building. With plans to grow and expand, this deal makes sense for both parties.
Perfect Match: With the property’s commercial tax exemption (ICIP) expiring in 2022, this deal was ideal for a non-profit. As a charitable organization, the foundation will be fully exempt from the hefty tax bill for the floors it occupies. Win-win!
Worth Noting: RFR will retain the retail at the base of the building.
Flashback: RFR took control of the property in 2005 for $34,260,468, and it currently has a $110 million mortgage, according to the NYPost.