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RXR Handing Over Keys for Financial District Tower

Default on $240M loan sets stage for fire sale of century-old 61 Broadway.

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.

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Jack Rogers

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