NEW YORK CITY–Scott Rechler has made good on his vow earlier this year to "give the keys back to the bank" on older office buildings owned by RXR Realty but now considered "obsolete" by the company, one of the largest office building owners in NYC.
RXR, which stopped making payments in December on a $240M loan backed by 61 Broadway, a century-old 33-story office building in Manhattan's Financial District, defaulted on the loan when it came due on May 1.
A lending syndicate led by Aareal Bank has tapped JLL to solicit bids for the loan, a senior loan that originated in 2019. To facilitate the sale, RXR has agreed to hand the property back in July through a deed-in-lieu of foreclosure that will facilitate the sale of the building, Green Street reported.
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