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Aby Rosen’s RFR buys partners out of 285 Madison for $334M

85% stake makes RFR majority owner of 530K sf office building

From left: Aby Rosen, 285 Madison Avenue (credit RFR) and Mark Van Zandt
From left: Aby Rosen, 285 Madison Avenue (credit RFR) and Mark Van Zandt

UPDATED, 11:58 p.m., Sept. 30: Aby Rosen’s RFR Holding has bought the majority interest in 285 Madison Avenue from its partners, paying $334.1 million for an 85 percent stake, property records filed with the city Friday show.

GreenOak Real Estate, East End Capital and Downtown Properties no longer have a stake in the 28-story, 530,000-square-foot building, located in Midtown at East 40th Street. RFR and the partners paid $190 million, or just under $360 a foot, for the then-vacant property in 2012.

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The partners then invested tens of millions of dollars into renovations and scored tenants such as GE Capital and banking and software firm Misys. Office asking rents range from the $60s to $80s per square foot.

The deal means the property is valued at just shy of $400 million.

In August, RFR closed on its sale of the nearby 275 Madison Avenue to RPW Group for $270 million, or $800 per square foot.

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