Posted Mar 14, 2012, 3:07 PM
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New Yorker for life
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Join Date: Jul 2001
Location: Borough of Jersey
Posts: 51,747
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http://www.nypost.com/p/news/busines...tNZjDu2Aw7M4vL
By Lois Weiss
March 14, 2012
Quote:
In what we hope will be a first step towards a new, classy skyscraper, Aby Rosen and Michael Fuchs have recapitalized their major 610 Lexington Ave. stalled development site and modified a loan with RCG Longview.
Documents show RCG Longview, a nimble funding group founded by Peter Cohen, Jeffrey J. Feil, Jay Anderson, Jonathan Estreich, Michael Boxer and Mort Olshan, took over what was a $66,395,143 loan from ING.
Before it went belly-up, the original lender, Lehman Bros., had grown several loans to $145 million prior to ING taking over. RCG further reconstituted a mezzanine loan, leaving RFR owing a mere $64,735,264. RFR also transferred the property to another entity with a value of $78,041,438.
After Lehman and the markets tanked, a deal with Shangri-La hotels to anchor a towering new luxury condominium project faded into the vacant lot.
In an e-mail, an RFR spokeswoman said the company bought back the 610 Lexington Ave. note and is starting to redevelop the site as a hotel and residential condominium development, as previously planned.“Currently we are going to market to source an appropriate hotel operator,” she said.
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