East End Capital
RFR Holding has partnered with two other New York firms on the pending purchase of 285 Madison Avenue in Midtown Manhattan. A joint venture among RFR, East End Capital and GreenOak Real Estate is under contract to buy the 550,000-square-foot office building for roughly $190 million, or $345/sf, from advertising agency Young & Rubicam. RFR was previously thought to be acting alone. East End is led by former Broadway Partners staffers Jonathon Yormak and David Peretz. GreenOak was founded by former Morgan Stanley real estate executives Sonny Kalsi, John Carrafiell and Fred Schmidt. The deal, brokered by CBRE, is expected to close by yearend. Young & Rubicam, which fully occupies the building, will move out next year. The buyers plan to renovate the property but continue operating it as an office building.
