The owners of 745 Fifth Avenue are waving the white flag on a residential conversion and recommitting to offices, a pivot that underscores how far Manhattan’s top-tier office market has clawed back. Rithm Capital and the von Finck family abandoned plans to turn the Plaza District tower into apartments last year, according to a recent Fitch Ratings report detailed by Crain’s. Instead, the partners are moving forward with a $275 million refinancing that includes nearly $40 million of fresh equity and another $25 million earmarked for future leasing costs, capital improvements and other expenses. The prewar, 470,000-square-foot building was about […]

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