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RFR Celebrates 2024 Deal Highlights in NYC and Miami
- NEW YORK - Wednesday, 18. December 2024
- AETOSWire
Successful Dispositions, Developments, Leasing, Refinancing Across Product Types
(BUSINESS WIRE) -- RFR announced its 2024 transactional highlights today, celebrating a year of significant success stories despite a challenging market.
“We accomplished a number of outstanding property deals in 2024, including record setting dispositions in New York and Miami Beach, and look forward to a new year of progress and opportunity,” said Aby Rosen, Co-Founder and Principal of RFR.
Dispositions
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980 Madison Avenue, New York: Sold for $560 million shortly after RFR leased 100% of the office space to Bloomberg Philanthropies and signed long-term leases for the retail spaces. At $4,700 per square foot, this is highest price paid for an office property in NYC history, reflecting the premiums owner/occupiers pay for well-located property that fits their needs.
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W Hotel South Beach, Miami: Sold for $425 million, a record price of $2 million per key, 20 years after developing the property with Tricap. RFR and its partner took advantage of the strong demand for hospitality assets in South Florida.
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102 Greene Street, New York: Soho Cartier flagship store sold for $46 million to a foreign investor after RFR acquired the property for $31.5 million in 2022. RFR is an experienced retail property investor, and in recent years has invested aggressively in the post-Covid high street retail comeback, led by foreign investors.
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Gowanus Development Site, Brooklyn, New York: Sold to a developer for $160 million after RFR added significant value through a world-class design scheme with architect Bjarke Ingels, securing an extension of the site’s 421a tax abatement. RFR had initially acquired the site in anticipation of a rezoning of the Gowanus neighborhood.
Development/Redevelopment
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100 Biscayne, Miami: Successful redevelopment of Miami office property has led to nearly full occupancy this year at record high rents. RFR purchased the property in 2022 when it was 60% occupied, and subsequently invested $30 million to reposition the building. In addition to a full-scale rebranding, 100 Biscayne has received a base building overhaul, pre-built suites, common area and amenity upgrades, and a new chef-driven food hall operated by the creators of MIA Market, which opened in 2024.
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130 Biscayne, Miami: RFR is planning a 1 million+ square foot world-class mixed-use tower adjacent to 100 Biscayne, RFR’s newly-improved office tower. 130 Biscayne will be constructed on a 25,000 square foot waterfront site that RFR has successfully rezoned with the RTZ designation that allows for unlimited density up to the FAA 1049’ height limit and eliminates setback and parking requirements.
Office Leasing
Seagram Building, New York: RFR’s continued successful management of Seagram has made it the benchmark for the New York City and Global trophy office leasing market, pushing the highest rents in the city and signing over 380,000 square feet of leases in 2024. At 100 percent occupancy at historically high rents, the property is extremely well-positioned for a successful refinancing in early 2025.
Refinancing
Dumbo Heights, Brooklyn, New York: RFR and its partner Kushner Companies secured a 4-year loan extension for the four-property office portfolio, effectively refinancing the portfolio despite challenging debt markets. Dumbo Heights was acquired in 2013, and ownership subsequently completed major repositioning and redevelopment, including investments in a curated retail experience that serves both office tenants and the surrounding neighborhood with health and wellness spaces plus notable dining, entertainment, and lifestyle options.
About RFR
RFR is a fully integrated real estate investment firm based in New York City with a core focus on select urban markets in the United States and Germany. Founded by Aby Rosen and Michael Fuchs in the early 1990’s, the firm has been an active force in the New York City and German real estate market for much of the past three decades. RFR’s portfolio has grown to include more than 100 commercial, residential, hotel, and retail properties located in select domestic and international markets.
View source version on businesswire.com: https://www.businesswire.com/news/home/20241217671404/en/