Posted Mar 18, 2025, 1:41 AM
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New Yorker for life
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Join Date: Jul 2001
Location: Borough of Jersey
Posts: 56,612
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Keeping an eye on this one (340) as it seems a likely candidate for redevelopment...
https://www.bisnow.com/new-york/news/office/lender-takes-rxrs-340-madison-ave-at-auction-128513
RXR Loses 340 Madison Ave. To Lender At Auction
Ciara Long
March 17, 2025
Quote:
RXR lost the 22-story office tower at 340 Madison Ave. at an auction Thursday after defaulting last year on a $315M mortgage from Massachusetts Mutual Life Insurance, Barings' parent company, Crain’s New York Business reported.
Barings acquired the 760K SF building from a court-appointed receiver for $161M last week, property records show.
Three prospective bidders contacted the receiver, appointed in December to find a buyer for the property, but Barings was the “only qualified bidder to attend,” per court records reported by Crain’s.
The sale follows months of foreclosure proceedings against RXR, which MassMutual kicked off in May after RXR defaulted on the building's debt. The property is currently 60.6% occupied, according to CoStar data reported by Crain’s.
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