Rabina repaid Mack during the process of buying the site, and secured a new mortgage for $110 million from Bank OZK. Rabina development ĭeveloper Rabina purchased the site in 2019. Mack placed the loan for sale through HFF. In 2018, Ceruzzi and SMI defaulted on the Mack loan. New York City developers including Extell and Zeckendorf were among the potential partners considered. The Real Deal reported that the two firms were looking for a third development partner in 2018. In 2017, Ceruzzi and SMI received a bridge loan from Mack Real Estate Credit Strategies, which took the place of the earlier financing. In an interview in 2015, Louis Ceruzzi, founder of Ceruzzi Properties, stated the firm intended to begin construction on the site in early 2016. New York YIMBY reported that the two firms would proceed with plans for a building designed by Handel Architects, originally produced for Thor. The firms received financing in the form of loans from JPMorgan Chase and Fisher Brothers. Thor did not proceed with the building, and ultimately sold the site to a joint venture between Ceruzzi Properties and SMI USA for $325 million in 2015. Handel Architects was the architect of record for this design. In December 2014, Thor filed to build a 71-story, 920-foot skyscraper on a three-story retail podium. An image of a six-story retail component for the site was released in February 2014. RFR did not redevelop the site, and Thor Equities began the process of purchasing the buildings from Rosen's firm in 2011, ultimately closing the transaction in 2012. After a legal dispute between RFR and Tahl-Propp, RFR purchased 516 and 518 Fifth Avenue, paying approximately $10 million for each building. RFR and Tahl-Propp entered into the deal to redevelop or sell the composite site in 2007. Later, RFR entered into a joint venture with Tahl-Propp Equities, owner of 520 Fifth Avenue, planning to either redevelop the site occupied by the three structures, or to sell the three buildings to another developer or investor. Through his firm, RFR, Rosen at one time intended to partner with Hines to develop 516 Fifth Avenue into a mixed-use skyscraper designed by Pelli Clarke Pelli, though these plans were never realized. Before the Great Recession, Aby Rosen owned 516 and 518 Fifth Avenue. The site of the skyscraper was formerly occupied by three buildings: 516 and 518 Fifth Avenue, and an office building at the 520 Fifth Avenue address. Site history Attempted redevelopment efforts Rabina is developing the building, and architectural firm Kohn Pedersen Fox designed the structure and serves as architect of record. The building occupies the former site of three structures.
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