Ruben Companies borrows $65M from Bank of New York Mellon for office property in Plaza District

Ruben Companies through the entity Vandergrand Properties Co. L.P. as borrower signed a loan agreement with lender The Bank Of New York Mellon valued at $65.0 million for 1 parcel, including the tax class office building with commercial with seven to 19 stories (O6) at 880 3rd Avenue in Plaza District. The deal closed on December 5, 2019 and was recorded on December 11, 2019.
The property contains a total of 140,400 square feet of built space.
The average loan per buildable square foot is $463.
The debt was increased from the $40 million provided by MetLife in December 2010.

Over the past five years, there have been 29 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 29 renovation/alteration projects (A2) applied for with a total estimated value of $5,394,283.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link