Bankruptcy Filing Halts Foreclosure at Rafael Viñoly-Designed Fifth Avenue Project

Developers Top Rock Holdings and RJ Capital Holdings halt a UCC foreclosure auction by filing for bankruptcy at their 609 Fifth Ave. redevelopment project.

By: AXL Media

Published: Mar 21, 2026, 7:02 AM EDT

Source: Bisnow

The Asset and Redevelopment Vision

The property at 609 Fifth Avenue is a 14-story building famously anchored by a Puma flagship store at its base (owned separately by the Reuben Brothers). The developers’ vision, designed by the late Rafael Viñoly, involves expanding the structure into a 31-story tower containing 66 luxury apartments. Despite the high-profile architectural pedigree, the project has struggled to move past the planning stages; the office portion has remained vacant since WeWork terminated its lease in 2021, and construction financing has yet to be secured.

Financial Entanglements and Debt Structure

The bankruptcy filing reveals a complex web of financing and legal disputes:

Senior Debt: A $71.8 million balance remains on a mortgage originally provided by Valley National Bank.

Acquisition Cost: The developers purchased the site from SL Green for $100.5 million in mid-2022.