Rudin Management signs $10M refi loan with Prudential for rental in Garment District

Rudin Management through the entity 40 Park Avenue, LLC as borrower signed a refi loan with lender Prudential Insurance Company of America valued at $10 million for the 153-unit rental (D6) at 40 Park Avenue in Garment District, Manhattan.

The deal closed on February 23, 2021 and was recorded on May 4, 2021. The financing included $7.3 million in new debt.

The property has 153,398 square feet of built space and 0 square feet of additional air rights for a total buildable of 120,500 square feet according to PincusCo analysis of city data. The loan price per built square foot is $65 per the PincusCo analysis.

The signatory for Rudin Management Co. was Michael Rudin.

Over the past five years, there have been 3 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 3 renovation/alteration projects (A2) applied for with a total estimated value of $576,743.The owners according to the Department of Housing Preservation and Development includes Eric Rudin, head officer and William Rudin, officer. The business entities are Rudin Management Co and 40 Park Avenue Llc.

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