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.
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