RFR Holding Hit With Third Foreclosure In a Month at 285 Madison Avenue

RFR Holding has suffered three foreclosures during the last month of 2024.

Aby Rosen and Michael Fuchs are facing foreclosure at their 25-story office tower at 285 Madison Avenue after their company defaulted on a $222 million commercial mortgage-backed securities loan tied to the property, according to The Real Deal, which first reported the news.

Lenders filed foreclosure action in New York State Supreme Court on Monday, about six weeks after RFR defaulted on the loan, TRD reported.

A spokesperson for RFR did not immediately respond to a request for comment.

RFR caught a break in July, when it was granted a short-term extension on its troubled loan at the building until November, as Commercial Observer previously reported.

Then, in October, Rosen and Fuchs were ordered to pay $18 million to Daol Asset Management, the lender on two mezzanine loans at 285 Madison totaling $205 million, CO reported.

But when RFR failed to secure financing by November, the loan was sent back to special servicing, and the landlord is now facing foreclosure at the 530,000-square-foot prewar office building next to Bryant Park.

It marks the third foreclosure to hit RFR in December alone.

Early this month, lender Wilmington Trust and special servicer Rialto Capital filed foreclosure action against RFR at 17 State Street after the landlord defaulted on a $180 million loan for the property in August.

Two weeks later, Rosen and Fuchs faced another foreclosure at The Empire Condominium at 188 East 78th Street after defaulting on a $45 million loan on two retail units at the property.

Those filings followed RFR’s other foreclosures at 475 Fifth Avenue, 90 Fifth Avenue, One Jackson Square and 219 East 67th Street — plus its eviction from the Chrysler Building in November.

Isabelle Durso can be reached at idurso@commercialobserver.com.