A private school in the Financial District that was on rent strike has resolved the dispute with its landlord, a credit-rating agency said.
Léman Manhattan Preparatory School has paid back all back rent due at 25 Broadway, plus provided an equity infusion under an amended lease reached with building owner Wolfson Group, according to a report from credit-rating agency KBRA.
Officials at the school didn’t immediately respond to an email or call seeking comment. A Wolfson official didn’t return a call.
Léman, the city’s only boarding school, stopped paying rent in June 2023 for 200,000 square feet of space. It’s the largest tenant at the 1 million square-foot 25 Broadway, a landmarked building developed in 1921 that was grappling with a 30% vacancy rate after WeWork and Teach for America left four years ago.
The building’s vacancy rate has improved to 11%, and KBRA said the property owner is current on its $250 million mortgage as of this month. The loan, which is in special servicing, has been extended until July 2026 with a possible six-month extension and the property’s appraised value is $284 million.
Tuition at Léman is $68,000 a year, according to its website. Room and board is additional.
