Assets
Office · Midtown East

Seagram Building

375 Park Avenue, Midtown East · Built 1958 · 38 floors
Partial
Current value
$1.10B
▼ 2.2% 1-yr (modeled)
Cap rate
4.60%
▲ 10 bps vs 4.50% submarket
NOI · derived
$50.6M
Value $/SF
$1,279
$884.4M$944.1M$1.00B$1.06B$1.12B201920202021202220232024Modeled trajectory — no observed history
sourcedmodeled0 of 6 sourced

Ownership & debt

Ownership transparency

Recorded chain
Recorded owners
RFR Holding LLC (RFR Realty)
Fee simple
JVP Management (Anthony Shaskus) — mezzanine lender / recapitalization equity partner
Equity interest
Ultimate beneficial owner — as recorded
RFR Holding LLC
Beneficial interest
Aby Rosen & Michael Fuchs (RFR principals)
Beneficial interest
Methodology

Debt

Senior CMBS lenders (~$1.1B recapitalization; ~$350-360M fresh equity from JVP Management, which is also mezzanine lender)
CMBS senior mortgage + mezzanine/recapitalization
$1.10B
LTV
100.00%
Debt yield
4.60%
Securitized debt — SEC loan tape
No SEC ABS-EE loan-level filing is matched to this asset. Public loan tapes exist only for SEC-registered CMBS — most large-asset debt is 144A-private, balance-sheet or agency financed and files none.

Financials

Modeled from sourced NOI, debt & rent inputs

Tenants & leasing

estimated
Occupancy
94.0%
WALT (area-wtd)
9.8 yrs
Top-3 concentration
46%
Blue Owl CapitalTemasek (Singapore sovereign wealth fund)Advent International
Per-tenant lease detail arrives with disclosed stacking plans.
Top 3 of ~32 tenants shown. Occupancy / WALT / concentration are whole-building estimated figures.

Underwriting

Assumptions — user inputs, not sourced data: 5-year hold · exit cap +25 bps vs today · 3.0% NOI growth per year.
Assumptions — user inputs, not sourced data
Hold period
Exit cap vs today
+25 bps
NOI growth / yr
3.0%
Unlevered IRR
6.8%
Exit cap
4.85%
Exit value
$1.21B
Exit NOI
$58.7M
Unlevered IRR sensitivity — exit cap Δ × NOI growth
Exit Δ2.0%2.5%3.0%3.5%4.0%
-25 bps7.7%8.3%8.8%9.3%9.9%
0 bps6.7%7.2%7.7%8.3%8.8%
+25 bps5.7%6.2%6.8%7.3%7.8%
+50 bps4.8%5.3%5.8%6.3%6.9%
+75 bps3.9%4.4%5.0%5.5%6.0%
Modeled output — not investment advice. Derived from the assumptions above, not sourced claims.

Provenance footnotes

  1. Current value: Estimated — no sourced claim on file.
  2. Cap rate: Estimated — no sourced claim on file.
  3. NOI: Estimated — no sourced claim on file.
  4. $/SF: Estimated — no sourced claim on file.
  5. GLA: Estimated — no sourced claim on file.
  6. Ownership — RFR Holding LLC (RFR Realty): Single source — rfr.com · https://rfr.com/properties/property/375-park-avenue/
  7. Ownership — JVP Management (Anthony Shaskus) — mezzanine lender / recapitalization equity partner: Single source — rfr.com · https://rfr.com/properties/property/375-park-avenue/
  8. Debt — Senior CMBS lenders (~$1.1B recapitalization; ~$350-360M fresh equity from JVP Management, which is also mezzanine lender): Single source — commercialobserver.com · https://commercialobserver.com/2023/12/rfr-seals-1-1b-refi-for-375-park-avenue/
  9. Tenant — Blue Owl Capital: Single source — therealdeal.com · https://therealdeal.com/new-york/2024/10/15/blue-owl-capital-expands-lease-at-aby-rosens-seagram-building/
  10. Tenant — Temasek (Singapore sovereign wealth fund): Single source — commercialobserver.com · https://commercialobserver.com/2023/02/temasek-rfr-holding-seagram-building/
  11. Tenant — Advent International: Single source — commercialobserver.com · https://commercialobserver.com/2024/02/private-equity-firm-advent-international-doubling-footprint-in-move-to-seagram-building/

Modeled figures — LTV, debt yield, DSCR, cash-on-cash, occupancy, WALT, tenant concentration and every underwriting output are derived arithmetic, not sourced claims. Underwriting outputs follow the assumptions printed in the panel — user-editable inputs, not observations. Not investment advice.

Anchoring begins when the asset enters the live ledger.