Hudson Bay Capital is joining forces to buy into RXR's Manhattan property called 620 Avenue of the Americas.
The deal for the new joint venture will include a five-year $320 million loan. The move for RXR will serve as a recapitalization through its Office Recovery Fund. It's unclear if that's the same as the $1 billion fund dedicated to distressed offices that the New York City landlord launched earlier this year, as reported by the Financial Times.
620 Avenue has been struggling since the pandemic. Tenants WeWork and Bed Bath & Beyond filed for bankruptcy, driving the building's vacancy north of 50 percent.
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