Ruder Finn borrows $23M from Citibank for property in Midtown East

Matthew Bloomgarden as signatory for Rudder Finn through the entity Rakema Holdings, LLC as borrower signed a loan agreement with lender Citibank valued at $23 million for 1 parcel, including the tax class fireproof loft and storage type without retail stores (L2) at 425 East 53rd Street in Midtown East. The deal closed on May 29, 2020 and was recorded on June 4, 2020.
The property contains a total of 34,125 square feet of built space. The property has 68,378 square feet of available development rights.
The average loan per buildable square foot is $336.
The last time the property sold was April 24, 2015, for $30,720,000.
The DOB issued a major alteration (A1) initial temporary certificate of occupancy for the building on November 9, 2016.
Over the past five years, there have been 5 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. Of those there was one major renovation application including a certificate of occupancy change (A1) filed with a total estimated value of $1,220,475. There were 4 renovation/alteration projects (A2) applied for with a total estimated value of $5,839,925.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link