The mortgage backing for RFR Building has been transferred to special servicing.

The $104.5 million mortgage backing RFR Realty’s office building at 90 Fifth Avenue is headed to special servicing due to missed property tax payments. Cash flow fell by 8% last year to $5.9 million, with rising vacancies in the building. Compass, the anchor tenant, has subleased space and Republic Bank’s lease is expiring soon. RFR fell behind on property taxes, resulting in new charges and outstanding fees. Two months ago, Wilmington Trust sued Rosen for defaulting on a mortgage in Miami. Rosen has owned the property since 2000 and made renovations in 2013. RFR declined to comment on the situation.

– $104.5 million mortgage for RFR’s office building at 90 Fifth Avenue heads to special servicing
– Cash flow fell by 8% to $5.9 million, vacancies on the rise
– Compass subleasing space, Republic Bank lease expiring
– RFR fell behind on property taxes, faced new charges and outstanding fees
– Wilmington Trust sued Rosen for defaulting on a mortgage in Miami
– Rosen has owned the property since 2000, made renovations in 2013
– RFR declines to comment on the situation.



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