RFR lost ownership of 285 Madison Avenue to Korean lender - Negative.

From Yahoo Finance: 2025-04-18 17:23:00

A Korean investment firm, Daol Asset Management, has taken ownership of 285 Madison Avenue after Aby Rosen’s RFR declined to bid on the deal. The Midtown tower was reappraised at $300 million last summer, half its 2017 value. Daol filed a UCC foreclosure on RFR’s ownership interest in the property, allowing them to skip the line and take control in just over two months. The building is 96% leased and profitable, but debt service expenses have plagued it. RFR was underwater with $419 million in debt, leading to Daol’s successful foreclosure auction bid.



Read more at Yahoo Finance: RFR loses 285 Madison to Korean lender