By Sarah Trefethen
It’s back on at 610 Lexington Avenue.
Aby Rosen’s RFR Reality had plans to develop the site as a hotel and condominium until 2009, when work stalled as a result of the financial crisis.
ING began foreclosure proceedings against the property, whose owners had acquired a mortgage from Lehman Brothers before the company went out of business.
Now, however, a $64.7 million loan from a fund affiliated with RCG Longview has allowed RFR to buy back the note on the building, according to public documents filed with the City Finance Department today (Tuesday). The documents show RFR transferred air rights from the Seagram Building at 375 Park Ave. to 610 Lexington at a value of $78,041,438.
RFR said in a statement that it is starting to redevelop the site as a hotel and residential condominium development as previously planned, and is going to market to source an appropriate hotel operator.
The original plan was for a 62-story, Norman Foster-designed building that would house a Shagri-la hotel.