NEW YORK CITY-RFR Holding, the owner of the Seagram Building, is reportedly looking to raise the rent for the Four Seasons Restaurant by nearly $3 million a year when its lease expires in 2015.
RFR Holding is looking to raise the Four Seasons' gross rent to $125 per square foot when the restaurant's lease expires in three years. That would raise the annual rent on the Park Avenue establishment from $784,000 to $3.7 million, according to Crain's New York Business.
Details on the Four Seasons' rent were detailed in a document released earlier this month. The document, prepared by Kroll Bond Ratings, analyzes the financial condition of the Seagram Building, as bankers at Citigroup Inc. and a Deutsche Bank subsidiary market a security backed by the building's $783-million mortgage taken out in March.
Four Seasons co-owner Alex von Bidder, says he has not heard anything about a looming rent increase. "This is a story about selling bonds, or about mortgages. It has nothing to do with restaurants," he said. "I can't comment on what someone else says they're doing." See story in Crain's New York Business.
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