Bloomberg Philanthropies, under the leadership of former NYC Mayor Michael Bloomberg, has recently acquired a prime property on the Upper East Side for $560 million from RFR Holding. The property is currently home to Gagosian Gallery and was previously leased by Bloomberg. This acquisition will serve as a new location for his family office.
In 2004, RFR purchased 980 Madison Avenue for approximately $118 million with plans to establish it as a prominent hub in New York’s art scene. Over time, Larry Gagosian’s gallery expanded its presence in the building to occupy over 56,000 square feet. However, with Bloomberg’s lease set to expire in April of 2025, Gagosian will be relocating.
This sale comes at a crucial time for RFR as they face financial challenges with around $2.5 billion worth of loans due or maturing soon. By acquiring this property without brokers involved and paying off their debt concerns related to it through this transaction with Bloomberg Philanthropies ,RFR can now focus on other opportunities.
The article “Bloomberg Philanthropies Pays RFR $560M for 980 Madison” originally appeared on Connect CRE.
