Rudin ups debt from $76M to $140M with PGIM for office in Flatiron District

Rudin Management through the entity 41 Madiosn L.P. as borrower signed a refi loan with lender PGIM Real Estate through the entity The Prudential Insurance Company Of America valued at $140 million for the office building (O4) at 41 Madison Avenue in Flatiron District, Manhattan.
The deal closed on June 11, 2026 and was recorded on June 17, 2026. The prior lender was PGIM Real Estate which provide debt that had an original loan amount of $76 million in June 2016.

The property has 524,937 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $266 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 Rudin Management was Andrew Migdon . The signatory for PGIM Real Estate was Mark Kramer .

Prior sales, articles and revenue

The 524,937-square-foot property generated revenue of $29.4 million or $56 per square foot, according to the most recent income and expense figures.

The property

The office building in Flatiron District has 524,937 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 98 feet and is 225 feet deep with a total lot size of 22,218 square feet. The zoning is C5-3 which allows for up to 15 times floor area ratio (FAR) for commercial and up to 10 times FAR for residential with inclusionary housing. The city-designated market value for the property in 2022 is $120.1 million.

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 $2,500 in ECB penalties and $2,800 in OATH penalties in the last year.

Development

For the tax lot building, it received its initial certificate of occupancy on September 16, 2019. On the lot, there is one active major alteration construction project, 121190442, for a 485,369 square-foot B building. The project was submitted by Eugene Boniberger with plans filed February 24, 2016 and permitted October 20, 2016.

The neighborhood

In Flatiron District, The majority, or 71 percent of the 23.2 million square feet of commercial built space are office buildings, with elevator buildings next occupying 15 percent of the space. In sales, Flatiron District has 2.2 times the average sales volume among other neighborhoods with $793.6 million in sales volume in the last two years and is the 16th highest in Manhattan. For development, Flatiron District has 3.2 times the average amount of major developments relative to other neighborhoods and is the 8th highest in Manhattan. It had 5.1 million square feet of commercial and multi-family construction under development in the last two years, which represents 22 percent of the neighborhood’s built space. There were 106 pre-foreclosure suit filed among other office buildings in the past 12 months.

The block

On this tax block, PincusCo has identified the owners of four of the six commercial properties representing 1,187,137 square feet of the 1,209,367 square feet. The largest owner is Boston Properties, followed by Rudin Management and then JD Carlisle Development .
There are no active new building construction projects on this tax block.

The majority, or 92 percent of the 1.2 million square feet of built space are office buildings, with specialty buildings next occupying 7 percent of the space.

The borrower

The PincusCo database currently indicates that Rudin Management owned at least 26 commercial properties with 2,074 residential units in New York City with 10,477,369 square feet and a PincusCo-determined asset value of $5.9 billion. The portfolio has $752.3 million in debt, with top three lenders as JPMorgan Chase , PGIM Real Estate, and State Farm Mutual Automobile Insurance Company respectively. Within the portfolio, the bulk, or 66 percent of the 10,477,369 square feet of built space are office properties, with elevator properties next occupying 30 percent of the space.

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