530 Park Avenue
This multifamily rental property was acquired, in a creative transaction in which it entered into a joint venture with the existing ownership to complete the conversion of the property to a “for sale” condominium.
Square Feet 178,216
Aquisition Date August 2010
530 Park Avenue is an 18-story plus penthouse luxury residential building containing a total of approximately 178,216 rentable square feet. The property benefits from its prime Park Avenue location, ample ceiling heights, numerous terraces, excellent window lines and spectacular views.
RFR acquired this multifamily rental property in August 2010 in a creative transaction in which it entered into a joint venture with the existing ownership to complete the conversion of the property to a “for sale” condominium. Contributing its expertise in managing residential conversions as well as fresh capital, RFR jumpstarted the conversion process and submitted the conversion plan within months of taking control of the project.
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