RFR Snaps Up Brickman’s 95 Morton Street for $206M, Citi Lends $95M
By Cathy Cunningham and Rey Mashayekhi April 14, 2017 12:04 pm
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Aby Rosen and Michael Fuchs’ RFR Realty has closed on its $206 million purchase of 95 Morton Street in the West Village from real estate investment firm Brickman, property records filed yesterday with the city show.
RFR finalized its acquisition of the eight-story, 215,000-square-foot office building between Washington and Greenwich Streets on April 5.
Citigroup provided a $95 million mortgage in the transaction, which consolidates $58.5 million in existing debt with a $36.5 million gap mortgage. The debt is split into a $60 million A-1 note and $35 million A-2 note.
Commercial Mortgage Alert first reported news of the deal in March.
Brickman acquired 95 Morton Street from Chicago-based LPC Midwest—a division of Dallas-based Lincoln Property Company—for $96.5 million in November 2008, according to property records.
Lincoln purchased the building from Laurence Gluck’s Stellar Management Company and Brack Capital Real Estate for $66 million in 2003. The property was built in 1911 and gut-renovated in 2000.
Office tenants at 95 Morton Street include PayPal, which took 95,000 square feet at the building in 2015, and branding firm VSA Partners, which signed on for 25,000 square feet in 2014.
A spokeswoman for RFR confirmed the deal but declined to comment. Brickman declined to comment. Citi did not immediately return a request for comment.
