Aby Rosen’s RFR Realty has secured a $20 million construction loan from Deutsche Asset & Wealth Management (formerly RREEF) for 90 Fifth Ave. at 14th Street, paving the way for an extensive capital-improvement program.
RFR originally had hoped to sell the 115,000 square-foot office address, but it changed its mind when longtime tenant Forbes defaulted on its rent.
That led to an early lease termination, giving Rosen a nearly empty building in one of the city’s hottest markets.
“When we got the space back, we stopped selling it because we had the opportunity to re-tenant it, the same as we do with all our buildings,” Rosen told us.
“What we’re doing is good for the market in an area going through a dramatic repositioning,” Rosen said.
Plans for the building include a new lobby, elevators, common areas, upgraded infrastructure and a 2,500 square-foot roof terrace for tenant use.