April 24, 2017
There’s more bad news for Lever House. Alcoa Corp. is closing its global headquarters in New York City, according to the Wall Street Journal.
Alcoa is the top tenant at Lever House, the 234,240-square-foot landmark office tower at 390 Park Avenue in Midtown Manhattan. The $87.4 million mortgage on the tower was transferred to special servicing in late 2014 for “imminent monetary default,” according to Trepp, a leading provider of financial data, analytics and technology solutions.
“The latest special servicer notes indicate that while the property is 87% leased at the moment, 176,000 square feet (or 76%) of the collateral’s NRA is either currently vacant or under a lease that expires by mid-2020,” according to TreppWire.
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