Aby Rosen, the multi-millionaire whose company owns the landmark Empire State Building and Park Avenue’s gleaming Seagram Building, got a PPP loan of between $1 million and $2 million of public money — and has been posting pictures of his luxury homes in the Hamptons and St. Barts.
Rosen — and his firm RFR Holding, which he runs with partner Michael Fuchs — was among a host of real-estate giants who were recipients of the Small Business Administration’s Paycheck Protection Program. The program provides forgivable loans so companies can keep employees on the payroll.
Despite this, the public listing on the SBA website shows RFR retained zero employees during the pandemic.
And to rub salt into public wounds, Rosen, 60, has been Instagramming pictures of himself and his wife on the beach in the Hamptons, shots from inside his sprawling modern art-filled Southampton mansion on the street named Billionaire Lane and also of the pool at his picturesque place in St. Barts during the pandemic.
The images have been liked by boldfacers including Jessica Seinfeld, Vito Schnabel and Nacho Figueras, who appear not to be bothered by gratuitous shows of wealth as the US shatters records for the most COVID cases in a single day — over 74,000 on Friday — and the country nears 144,000 deaths.
RFR’s diverse portfolio comprises commercial assets and significant holdings and investments in residential, hotel, and retail real estate.
According to The Real Deal, developers and landlords were excluded from PPP, but some used loopholes — such as applying through related business arms, like property management — to access the funds. The site’s analysis found that more than 6,500 landlords, developers, real estate investment firms, and private-equity investors in the US received the loans.
Rosen declined numerous requests to comment, and his rep said he couldn’t be reached.
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