980 Madison Ave

Aby Rosen’s RFR Holding has sold the art gallery, office, and retail building at 980 Madison Avenue, along with the land beneath it, for $560 million to an entity linked with Michael Bloomberg. Last year, RFR secured Bloomberg Philanthropies as an anchor tenant, leasing 86% of the space. This move comes amidst financial challenges for Rosen, including a $105 million mortgage on 90 Fifth Avenue going to special servicing, lawsuits, and defaults on loans. However, there have been successful refinancing efforts, like the $480 million refinancing of a Dumbo office portfolio co-owned with Kushner Companies.