Rudin Management borrows $80M from New York Life for 845 Third Avenue in Midtown East

Rudin Management through the entity 845 Third L.P. as borrower signed a loan agreement with lender New York Life Insurance Company valued at $80 million for 1 parcel, including the tax class office building tower type with 20 or more stories (O4) at 845 3rd Avenue in Midtown East. The deal closed on December 19, 2019 and was recorded on December 24, 2019.
The property contains a total of 321,452 square feet of built space.
The average loan per buildable square foot is $249.
In the financing, Rudin borrowed new debt totaling $42 million, which brought the entire debt package to $80 million.

Over the past five years, there have been 39 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 39 renovation/alteration projects (A2) applied for with a total estimated value of $7,005,814.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link