New York Post ( View Original )


Aby Rosen is itching to get back in the buying game with what could be a $350 million splash.

The German-born — but Americanized — art and landmark-building collector and his co-founder in RFR Realty, Michael Fuchs, are targeting the recently renovated 350 Madison Ave., sources said.

The 394,000 square-foot building is being marketed by Jones Lang LaSalle’s Fearless Foursome — Richard Baxter, Ron Cohen, Scott Latham and Jon Caplan — on behalf of the Nabil and Fouad Chartouni’s Kensico Properties. The brokers did not return calls or e-mails for comment, but the pricing of $888 a square foot would put the deal on the high side of their estimates.

The brothers Chartouni bought it in 2005 for $194.5 million from Monday Properties and the Landis Group.

The Chartounis have since glassed up the old brick façade and lobby with a thoroughly modern vision designed by Moed de Armas & Shannon that also received a 12-year city property-tax renovation exemption.

But the ongoing renovation work kept the office space at just 70 percent occupancy, placing its mortgage on financial-watch lists, while providing potential upside for the next owners. The building’s retail tenant, Paul Stuart, has controlled that space under a long-term lease since 1965.

Rosen and Fuchs already own gems like 17 State St., Lever House and the Seagram Building, and invest in large public artworks. Rosen did not return a call for comment. Stay tuned.