A partnership led by Rabina Properties paid $205 million to take control of the long-stalled site at 520 Fifth Ave. at East 43rd Street, according to city records.
As we first reported last week, a Rabina-led joint venture was taking over the driver’s seat from previous owners Ceruzzi Properties and SMI. However, terms weren’t available at the time.
The $205 million price doesn’t reflect the full value of the site, as it was described by sources as a partnership restructuring and recapitalization. Ceruzzi and SMI are expected to remain part of the development team.
A new mortgage of just under $110 million with Bank OZK, previously Bank of the Ozarks, was also recorded. It replaced an earlier, $232 million loan to Mack Real Estate that was in default but paid off as part of the purchase transaction.
The project at one of the city’s most valuable corners had stalled partly as a result of partner Louis Ceruzzi’s death in September 2017.
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The broker, Marcus & Millichap’s Eric M. Anton, declined to comment.