Glenwood Management signs $170M loan with PGIM for 369-unit rental in Sutton Place

Glenwood Management through the entity 56th Realty LLC as borrower signed a loan with lender PGIM Real Estate through the entity PGIM Real Estate Agency Financing, LLC valued at $170 million for the 369-unit residential elevator building (D6) at 300 East 56th Street in Sutton Place, Manhattan.
The deal closed on April 30, 2026 and was recorded on May 6, 2026. The prior lender was MetLife which held debt that had an original loan amount of $170 million. The property has 580,480 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $292 per the PincusCo analysis. (The price per square foot analysis is the transaction price divided by square feet as reported in public records and assumes no air rights have been sold.)
The signatory for Glenwood Management was Howard Swarzman . The signatory for PGIM Real Estate was Kathleen H. Brogan .

Prior sales, articles and revenue

The owners according to the Department of Housing Preservation and Development includes Carole Pittelman, head officer and New Hyde Park Realty L.P, shareholder. The business entities are Glenwood Management Corp. and 56th Realty Llc. The 580,480-square-foot property generated revenue of $35.1 million or $60 per square foot, according to the most recent income and expense figures.

The property

The residential elevator building with 369 residential units in Sutton Place has 580,480 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 339 feet and is 200 feet deep with a total lot size of 70,559 square feet. The lot is irregular. The zoning is R8 which allows for up to 6.02 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $168.3 million. The property has 10 rent regulated units according to city tax records from 2024.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property for the past 24 months. In addition, according to city public data, the property has received $1,250 in ECB penalties and $6,350 in OATH penalties in the last year.

Development

There are no active new building construction projects or major alteration projects with initial costs more than $1 million on this tax lot.

The block

On this tax block, PincusCo has identified the owners of three of the five commercial properties representing 1,164,694 square feet of the 1,178,038 square feet. The largest owner is Glenwood Management, followed by AVRS Partners and then Korman Communities.
There are no active new building construction projects on this tax block.

The majority, or 50 percent of the 1.2 million square feet of built space are elevator buildings, with specialty buildings next occupying 35 percent of the space.

The borrower

The PincusCo database currently indicates that Glenwood Management owned at least 24 commercial properties with 6,954 residential units in New York City with 8,696,706 square feet and a PincusCo-determined asset value of $3.9 billion. The portfolio has $735.8 million in debt, with top three lenders as NYS Housing Finance Agency, PGIM Real Estate, and Wells Fargo respectively. Within the portfolio, all identified are elevator properties. The bulk, or 94 percent of the built space, is in Manhattan, with Bronx next at 5 percent of the space.

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