The Four Seasons, renowned lunch spot for New York's power players and whales of all stripes, could be facing a major rent hike when its current lease ends toward the end of 2016. According to the Huffington Post, if this comes to pass, the landmarked old-timer could see its rent go up, incredibly, by a factor of six.
Here's the nitty-gritty: In March, the owners of the Seagrams Building (The Four Seasons' landlords) took out a $782 million dollar mortgage against the property, and after a number of deals and mortgage-backed securities things between Citibank and Deutsches Bank, the bankers are reportedly requiring that the building charge The Four Seasons market value rent. They've determined that to be $125 per square foot, while the restaurant currently pays under $20 per square foot.
Nobody's told this to The Four Seasons team, apparently, with co-owner Alex Von Bidder telling HuffPo that this was the first he had heard of it. And of course, The Four Seasons is landmarked, and having a restaurant of that caliber and fame in the Seagrams Building only increases its value, so it'd be a shock if this actually came to pass and forced the restaurant to close.
· Four Seasons Restaurant, Landmark Of New York Fine Dining, Threatened By Rent Increase [HuffPo]
· All Coverage of The Four Seasons [~ENY~]
[Krieger]