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by Rosen's RFR Holding has struck a deal to sell its Gowanus development site for a significant profit. The company is in contract to sell the 827-unit property at 175 Third Street to Tavros Capital and Charney Companies for over $160 million, more than a third above what RFR paid for it in 2018. This sale resolves the issue of the site's $80 million debt that RFR defaulted on, which was purchased by Madison Realty Capital earlier this year.

    The deal provides RFR with the funds to repay the debt and comes after the company added value to the property through its investment in conjunction with the city's rezoning of Gowanus for multifamily development. A spokesperson for RFR stated that the company created a prime opportunity for the next phase of development under new ownership.

    Tavros and Charney, who are also developing several other properties in the neighborhood, including the 654-unit Gowanus Wharf campus, have declined to comment on the sale. The deal was brokered by Andrew Sasson of Ackman-Ziff, who has also chosen not to comment.

    This sale is part of a larger trend for RFR, which has been struggling to maintain control over its portfolio of trophy properties. The company recently sold its office building at 980 Madison Avenue and is looking to sell another property, 218 Park Avenue South, after its main tenant vacated. Despite these challenges, RFR claims it plans to clear up its debt problems without selling its most valuable assets.