Lever House

Lever House in limbo : Bondholders move to foreclose on t上海千花网论坛

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roubled property Will RFR lose control of office building?

Aby Rosen and Lever House at at 390 Park Avenue (Credit: Getty Images and RFR Holding)

While its neighbors prepare for upgrades and, in some case, complete overhauls, the Lever House sits in limbo.

RFR Realty, which controls the property through a 99-year ground lease with the Korein family, has been struggling to refinance an $85 million securitized mortgage, according to Crain s. The debt is three years overdue and its bondholders have moved to foreclose on the property. RFR s Aby Rosen and Michael Fuchs say they are working with lenders to resolve the issue.

But the company s rent resets in 2023 and is expected to jump from an annual $6 million to north of $20 million. RFR s inability to renew the lease would potentially leave bondholder s empty handed, which is why they are moving to take control of the property 上海千花网交友

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at 390 Park Avenue.

The possibility of RFR losing the property has tenants wary. Planned 上海千花网龙凤论坛

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departures could leave roughly 130,000 square feet (half of the building) empty. Currently, 13 percent of the building is vacant.

We are now in a limbo period, Mic上海龙凤论坛

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hael Cohen, tristate president of Colliers International, told Crain s. Any tenant that will want to sign a long-term lease for this building is going to have to spend a good deal of money to fit out their premises. They ll want assurances that their lease won t be disturbed, and right now that s not possible to provide.

Meanwhile, the landmarked office building may soon face even fiercer competition in the neighborhood. Other buildings in the area — like 270 Park Avenue — are taking advantage of M上海贵族宝贝

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idtown East s rezoning. [Crain s] — Kathryn Brenzel 

Tags: Aby Rosen, Commercial Real Estate, lever house, Real Estate Finance
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