NEW YORK CITY—In a joint venture with Real Estate Capital Partners, RFR Holding has acquired 281 Park Ave. South, a six-story, 45,000 square foot landmark building formerly known as the Church Mission House.
RFR purchased the building—which is on the Southeast corner of Park Ave. South and East 22nd street, close to a 6-train entrance—for $50 million from the Federation of Protestant Welfare Agencies. Following upgrades that will include new storefronts, mechanical systems and new office lobby with entrance on 22nd Street, it will be repositioned as a showpiece for a single office user requiring 28,000 to 40,000 square feet.
“This building's sought after Midtown South location, along with the upgrades that we have in store, make it a tremendous opportunity for one user interested in a unique combination of high visibility retail and grand office space,” says Aby Rosen, co-founder and principal of RFR. “With its full retail frontage on Park Avenue South, we believe that it will garner significant interest from institutions and non-profits that are looking for the prestige of full building identity and control.”
GlobeSt.com is scheduled to speak with RFR later today for more information on this deal. Watch this space for an UPDATE.
The building has a great deal of potential in light of the submarket's retail pedigree, according to RFR. The ground and second floors could be leased as retail showroom space, with its boutique corporate headquarters on the floors above or the retail and office space could be taken by two different tenants. Additionally, there is the possibility to net lease the entire building to one tenant.
Floor plates in the building are roughly 6,700 square feet, which in combination with its corner location and ceiling heights of up to 20 feet, are said to offer a great deal of flexibility in layout and design.
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Rayna Katz
Rayna Katz is a seasoned business journalist whose extensive experience includes coverage of the lodging sector, travel and the culinary space. She was most recently content director for a business-to-business publisher, overseeing four publications. While at Meeting News, a travel trade publication, she received a Best Reporting award for a story on meeting cancellations in New Orleans during Hurricane Katrina.
