Aby Rosen’s RFR Realty defaulted on the mortgage for Lever House, its prized Midtown office tower, after it was unable to refinance its mortgage over concerns that the ground lease rent is scheduled to triple in 2023. RFR has been unable to refinance its $100 million mortgage, which expired in March. The main issue is that according to the terms of the developer’s ground lease with the Korein family, the yearly rent will more than triple to $20 million in 2023, up from $6 million that it is currently paying, Crain’s reported…. READ MORE
The Real Deal , by Tess Hofmann
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