NEW YORK CITY-After reaching troubled status, RFR Holding Corp.’s Carlyle Galleries Building has received some new investment. The six-story, 130,478-square-foot mixed-use property at 980 Madison Ave. has been refinanced for $115 million, says HFF.
Working exclusively on behalf of RFR, HFF placed the adjustable-rate loan with RBC Capital Markets. The loan is refinancing a maturing loan and providing funds for a strategic leasing and business plan, the company says.
Built in 1949, the property was formerly the headquarters for Parke-Bernet, an auction firm that was acquired by Sotheby’s in 1964. Currently, the building is home to the Gagosian Gallery, Insigna Douglas Elliman LLC, Art Capital Group Inc. and Fidelity Investments. It occupies a full block between 76th and 77th Streets near the Carlyle, Mark and Surrey Hotels and the Metropolitan Museum of Art.
The HFF team representing RFR was led by senior managing director Michael Tepedino and director Michael Gigliotti. HFF declined to comment further to GlobeSt.com for this story.
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