A senior loan backed by the Aire, a 43-story luxury apartment tower in Manhattan's Lincoln Square neighborhood, was not paid by A&R Kalimian Realty when it came due on November 1.
The $225M mortgage on 200 W. 67th Street was originated by JPMorgan Chase in 2013. According to Trepp, the NYC-based landlord had requested a short-term extension, but the loan has been labeled delinquent and non-performing by the special servicer, LNR Partners.
The $225M senior loan and a $25M subordinate loan were transferred to special servicing in June. Fitch Ratings said during the summer that the debt was at risk of default due to the expiration the Aire's tax abatement, which resulted in annual property taxes skyrocketing this year to $6.7M.
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
*May exclude premium content
Already have an account?
Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
