{"id":38970,"date":"2024-06-24T07:33:42","date_gmt":"2024-06-24T04:33:42","guid":{"rendered":"https:\/\/www.commercialcafe.com\/blog\/?p=38970"},"modified":"2024-06-26T08:08:24","modified_gmt":"2024-06-26T05:08:24","slug":"rfr-fetches-560-million-for-upper-east-side-property","status":"publish","type":"post","link":"https:\/\/www.commercialcafe.com\/blog\/rfr-fetches-560-million-for-upper-east-side-property\/","title":{"rendered":"RFR Fetches $560 Million for Upper East Side Property"},"content":{"rendered":"

Aby Rosen\u2019s RFR Holding recently sold 980 Madison Ave. \u2014 a mixed-use building on the Upper East Side known for its art galleries \u2014 for more than half a billion dollars<\/a>. The buyer is Michael Bloomberg\u2019s Bloomberg Philanthropies, which intends to convert the property into a family office.<\/p>\n

Lawyer David McCabe of Willkie Farr & Gallagher closed the deal on behalf of Bloomberg.<\/p>\n

This move comes amid financial difficulties for RFR. The company faces roughly $2.5 billion in maturing loans and has defaulted on mortgages for other properties. Although it secured $238 million in refinancing for 980 Madison in 2021, another loan tied to the building became delinquent in 2022.<\/p>\n

RFR originally acquired the five-story building in 2004 from the Peter Jay Sharp Foundation. The company followed its $126 million<\/a> takeover with a major overhaul of the property. At present, 980 Madison includes a 48,064-square-foot showroom, along with roughly 10,000 square feet of retail space.<\/p>\n

Notably, 980 Madison has had a reputation as a hub for the New York art scene since the Gagosian Gallery first moved in around 1987. Since then, Gagosian has occupied a substantial portion of the property at a rate of $117 per square foot. The existing lease is set to expire in April 2025, and the current tenants were informed in October that they would need to vacate the premises as Bloomberg Philanthropies had secured a sizable 30-year lease for 115,824 square feet at $185 per square foot.<\/p>\n

Looking for office space for rent in Manhattan or other top markets? Select any of the locations linked below or visit the\u00a0<\/em>CommercialCafe.com<\/em><\/a>\u00a0homepage to start your search!<\/em><\/p>\n\n\n\n\n\t\n\t\n\t\n\t\n\t\n\t\n\t\n\t\n\t\n\t\n\t
Jersey City offices<\/a><\/td>Los Angeles offices<\/a><\/td>Fort Lauderdale offices<\/a><\/td>\n<\/tr>\n
Houston offices<\/a><\/td>Chicago offices<\/a><\/td>Newark offices<\/a><\/td>\n<\/tr>\n
Dallas offices<\/a><\/td>San Francisco offices<\/a><\/td>New York City offices<\/a><\/td>\n<\/tr>\n
Austin offices<\/a><\/td>Seattle offices<\/a><\/td>Fort Worth offices<\/a><\/td>\n<\/tr>\n
Charlotte offices<\/a><\/td>Las Vegas offices<\/a><\/td>Oakland offices<\/a><\/td>\n<\/tr>\n
Boston offices<\/a><\/td>Denver offices<\/a><\/td>The Woodlands offices<\/a><\/td>\n<\/tr>\n
Atlanta offices<\/a><\/td>Washington, D.C. offices<\/a><\/td>Manhattan offices<\/a><\/td>\n<\/tr>\n
Miami offices<\/a><\/td>Arlington offices<\/a><\/td>Portland offices<\/a><\/td>\n<\/tr>\n
Irvine offices<\/a><\/td>Philadelphia offices<\/a><\/td>San Jose offices<\/a><\/td>\n<\/tr>\n
Phoenix offices<\/a><\/td>San Diego offices<\/a><\/td>San Antonio offices<\/a><\/td>\n<\/tr>\n
Brooklyn offices<\/a><\/td>Queens offices<\/a><\/td>Pittsburgh offices<\/a><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n\n

 <\/p>\n","protected":false},"excerpt":{"rendered":"

Aby Rosen\u2019s RFR Holding recently sold 980 Madison Ave. \u2014 a mixed-use building on the Upper East Side known for its art galleries \u2014 for more than half a billion dollars. The buyer is Michael Bloomberg\u2019s Bloomberg Philanthropies, which intends to convert the property into a family office.<\/p>\n","protected":false},"author":56,"featured_media":38971,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2},"_wpas_customize_per_network":false},"categories":[37,38,4014,39],"tags":[],"class_list":["post-38970","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-commercial-real-estate-news","category-deals","category-featured","category-office","wpautop"],"acf":[],"yoast_head":"\nRFR Sells Manhattan Office at 980 Madison | CommercialCafe<\/title>\n<meta name=\"description\" content=\"Bloomberg Philanthropies recently acquired 980 Madison Ave. with plans to convert it to a new family office space in Uptown Manhattan.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialcafe.com\/blog\/rfr-fetches-560-million-for-upper-east-side-property\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"RFR Fetches $560 Million for Upper East Side Property\" \/>\n<meta property=\"og:description\" content=\"Bloomberg Philanthropies recently acquired 980 Madison Ave. with plans to convert it to a new family office space in Uptown Manhattan.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialcafe.com\/blog\/rfr-fetches-560-million-for-upper-east-side-property\/\" \/>\n<meta property=\"og:site_name\" content=\"CommercialCafe\" \/>\n<meta property=\"article:published_time\" content=\"2024-06-24T04:33:42+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-06-26T05:08:24+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialcafe.com\/blog\/wp-content\/uploads\/sites\/10\/2024\/06\/gallery-interior-Madison-Avenue.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1980\" \/>\n\t<meta property=\"og:image:height\" content=\"1280\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Diana Sabau\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Diana Sabau\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialcafe.com\/blog\/rfr-fetches-560-million-for-upper-east-side-property\/\",\"url\":\"https:\/\/www.commercialcafe.com\/blog\/rfr-fetches-560-million-for-upper-east-side-property\/\",\"name\":\"RFR Sells Manhattan Office at 980 Madison | CommercialCafe\",\"isPartOf\":{\"@id\":\"https:\/\/www.commercialcafe.com\/blog\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.commercialcafe.com\/blog\/rfr-fetches-560-million-for-upper-east-side-property\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.commercialcafe.com\/blog\/rfr-fetches-560-million-for-upper-east-side-property\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.commercialcafe.com\/blog\/wp-content\/uploads\/sites\/10\/2024\/06\/gallery-interior-Madison-Avenue.jpg\",\"datePublished\":\"2024-06-24T04:33:42+00:00\",\"dateModified\":\"2024-06-26T05:08:24+00:00\",\"author\":{\"@id\":\"https:\/\/www.commercialcafe.com\/blog\/#\/schema\/person\/8ed2c6db9854340d5ddeef532edde241\"},\"description\":\"Bloomberg Philanthropies recently acquired 980 Madison Ave. with plans to convert it to a new family office space in Uptown Manhattan.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.commercialcafe.com\/blog\/rfr-fetches-560-million-for-upper-east-side-property\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.commercialcafe.com\/blog\/rfr-fetches-560-million-for-upper-east-side-property\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.commercialcafe.com\/blog\/rfr-fetches-560-million-for-upper-east-side-property\/#primaryimage\",\"url\":\"https:\/\/www.commercialcafe.com\/blog\/wp-content\/uploads\/sites\/10\/2024\/06\/gallery-interior-Madison-Avenue.jpg\",\"contentUrl\":\"https:\/\/www.commercialcafe.com\/blog\/wp-content\/uploads\/sites\/10\/2024\/06\/gallery-interior-Madison-Avenue.jpg\",\"width\":1980,\"height\":1280,\"caption\":\"art gallery\"},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/www.commercialcafe.com\/blog\/rfr-fetches-560-million-for-upper-east-side-property\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/www.commercialcafe.com\/blog\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"RFR Fetches $560 Million for Upper East Side Property\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/www.commercialcafe.com\/blog\/#website\",\"url\":\"https:\/\/www.commercialcafe.com\/blog\/\",\"name\":\"CommercialCafe\",\"description\":\"Your Commercial Real Estate Blog\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/www.commercialcafe.com\/blog\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/www.commercialcafe.com\/blog\/#\/schema\/person\/8ed2c6db9854340d5ddeef532edde241\",\"name\":\"Diana Sabau\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.commercialcafe.com\/blog\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/www.commercialcafe.com\/blog\/wp-content\/uploads\/sites\/10\/2026\/04\/badge.png?w=93\",\"contentUrl\":\"https:\/\/www.commercialcafe.com\/blog\/wp-content\/uploads\/sites\/10\/2026\/04\/badge.png?w=93\",\"caption\":\"Diana Sabau\"},\"description\":\"Drawing on years of intense research in the U.S. commercial real estate market at Yardi Matrix, Diana now applies her expertise as a writer for the CommercialCafe blog. Her articles focus on CRE investment, labor market trends, and technology, and have been picked up by prestigious publications including the New York Times, GlobeSt, The Real Deal, NAIOP, MSN, and Bisnow.\",\"sameAs\":[\"diana.sabau@yardi.com\"],\"jobTitle\":\"Senior Content Writer, CRE News & Market Analysis\",\"url\":\"https:\/\/www.commercialcafe.com\/blog\/author\/diana-sabau\/\"}]}<\/script>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"RFR Sells Manhattan Office at 980 Madison | CommercialCafe","description":"Bloomberg Philanthropies recently acquired 980 Madison Ave. with plans to convert it to a new family office space in Uptown Manhattan.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.commercialcafe.com\/blog\/rfr-fetches-560-million-for-upper-east-side-property\/","og_locale":"en_US","og_type":"article","og_title":"RFR Fetches $560 Million for Upper East Side Property","og_description":"Bloomberg Philanthropies recently acquired 980 Madison Ave. with plans to convert it to a new family office space in Uptown Manhattan.","og_url":"https:\/\/www.commercialcafe.com\/blog\/rfr-fetches-560-million-for-upper-east-side-property\/","og_site_name":"CommercialCafe","article_published_time":"2024-06-24T04:33:42+00:00","article_modified_time":"2024-06-26T05:08:24+00:00","og_image":[{"width":1980,"height":1280,"url":"https:\/\/www.commercialcafe.com\/blog\/wp-content\/uploads\/sites\/10\/2024\/06\/gallery-interior-Madison-Avenue.jpg","type":"image\/jpeg"}],"author":"Diana Sabau","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Diana Sabau","Est. reading time":"2 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/www.commercialcafe.com\/blog\/rfr-fetches-560-million-for-upper-east-side-property\/","url":"https:\/\/www.commercialcafe.com\/blog\/rfr-fetches-560-million-for-upper-east-side-property\/","name":"RFR Sells Manhattan Office at 980 Madison | CommercialCafe","isPartOf":{"@id":"https:\/\/www.commercialcafe.com\/blog\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.commercialcafe.com\/blog\/rfr-fetches-560-million-for-upper-east-side-property\/#primaryimage"},"image":{"@id":"https:\/\/www.commercialcafe.com\/blog\/rfr-fetches-560-million-for-upper-east-side-property\/#primaryimage"},"thumbnailUrl":"https:\/\/www.commercialcafe.com\/blog\/wp-content\/uploads\/sites\/10\/2024\/06\/gallery-interior-Madison-Avenue.jpg","datePublished":"2024-06-24T04:33:42+00:00","dateModified":"2024-06-26T05:08:24+00:00","author":{"@id":"https:\/\/www.commercialcafe.com\/blog\/#\/schema\/person\/8ed2c6db9854340d5ddeef532edde241"},"description":"Bloomberg Philanthropies recently acquired 980 Madison Ave. with plans to convert it to a new family office space in Uptown Manhattan.","breadcrumb":{"@id":"https:\/\/www.commercialcafe.com\/blog\/rfr-fetches-560-million-for-upper-east-side-property\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.commercialcafe.com\/blog\/rfr-fetches-560-million-for-upper-east-side-property\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.commercialcafe.com\/blog\/rfr-fetches-560-million-for-upper-east-side-property\/#primaryimage","url":"https:\/\/www.commercialcafe.com\/blog\/wp-content\/uploads\/sites\/10\/2024\/06\/gallery-interior-Madison-Avenue.jpg","contentUrl":"https:\/\/www.commercialcafe.com\/blog\/wp-content\/uploads\/sites\/10\/2024\/06\/gallery-interior-Madison-Avenue.jpg","width":1980,"height":1280,"caption":"art gallery"},{"@type":"BreadcrumbList","@id":"https:\/\/www.commercialcafe.com\/blog\/rfr-fetches-560-million-for-upper-east-side-property\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.commercialcafe.com\/blog\/"},{"@type":"ListItem","position":2,"name":"RFR Fetches $560 Million for Upper East Side Property"}]},{"@type":"WebSite","@id":"https:\/\/www.commercialcafe.com\/blog\/#website","url":"https:\/\/www.commercialcafe.com\/blog\/","name":"CommercialCafe","description":"Your Commercial Real Estate Blog","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.commercialcafe.com\/blog\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/www.commercialcafe.com\/blog\/#\/schema\/person\/8ed2c6db9854340d5ddeef532edde241","name":"Diana Sabau","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.commercialcafe.com\/blog\/#\/schema\/person\/image\/","url":"https:\/\/www.commercialcafe.com\/blog\/wp-content\/uploads\/sites\/10\/2026\/04\/badge.png?w=93","contentUrl":"https:\/\/www.commercialcafe.com\/blog\/wp-content\/uploads\/sites\/10\/2026\/04\/badge.png?w=93","caption":"Diana Sabau"},"description":"Drawing on years of intense research in the U.S. commercial real estate market at Yardi Matrix, Diana now applies her expertise as a writer for the CommercialCafe blog. Her articles focus on CRE investment, labor market trends, and technology, and have been picked up by prestigious publications including the New York Times, GlobeSt, The Real Deal, NAIOP, MSN, and Bisnow.","sameAs":["diana.sabau@yardi.com"],"jobTitle":"Senior Content Writer, CRE News & Market Analysis","url":"https:\/\/www.commercialcafe.com\/blog\/author\/diana-sabau\/"}]}},"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/www.commercialcafe.com\/blog\/wp-content\/uploads\/sites\/10\/2024\/06\/gallery-interior-Madison-Avenue.jpg","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/www.commercialcafe.com\/blog\/wp-json\/wp\/v2\/posts\/38970","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.commercialcafe.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.commercialcafe.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.commercialcafe.com\/blog\/wp-json\/wp\/v2\/users\/56"}],"replies":[{"embeddable":true,"href":"https:\/\/www.commercialcafe.com\/blog\/wp-json\/wp\/v2\/comments?post=38970"}],"version-history":[{"count":1,"href":"https:\/\/www.commercialcafe.com\/blog\/wp-json\/wp\/v2\/posts\/38970\/revisions"}],"predecessor-version":[{"id":38972,"href":"https:\/\/www.commercialcafe.com\/blog\/wp-json\/wp\/v2\/posts\/38970\/revisions\/38972"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.commercialcafe.com\/blog\/wp-json\/wp\/v2\/media\/38971"}],"wp:attachment":[{"href":"https:\/\/www.commercialcafe.com\/blog\/wp-json\/wp\/v2\/media?parent=38970"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.commercialcafe.com\/blog\/wp-json\/wp\/v2\/categories?post=38970"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.commercialcafe.com\/blog\/wp-json\/wp\/v2\/tags?post=38970"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}