Rugby Realty signs $13.5M refi with Wells Fargo for mixed-use building in Penn Plaza

Rugby Realty Management through the entity 126 West 34th Street Associates, LLC as borrower signed a refi loan with lender Wells Fargo Bank valued at $13.5 million for the mixed-use building (K4) at 126 West 34th Street in Penn Plaza, Manhattan.
The deal closed on July 1, 2021 and was recorded on July 23, 2021.
The property has 13,489 square feet of built space and 11,209 square feet of additional air rights for a total buildable of 24,690 square feet according to PincusCo analysis of city data. The loan price per built square foot is $1,000 and the price per buildable square foot is $546 per the PincusCo analysis.
The signatory for Rugby Realty Management was Dennis Erani.
Over the past five years, there has been one NYC Department of Buildings permit application filed for this parcel valued at more than $20,000.
Dennis Erani is a principal at Rugby Realty Management.
Within a 400-foot radius of 126 West 34th Street, PincusCo identified five commercial real estate items of interests occurred over the past 24 months.
Of those five items, one was for major renovation including a certificate of occupancy change. It was a permit application filed on May 18, 2021 for the $1.3 million renovation of 7,727-square-foot commercial E building at 461 Seventh Avenue.
Of those five items, two were sales above $5 million totaling $65 million. The most recent of the two was possibly Vornado Realty Trust which bought the 5,829-square-foot, two-unit mixed-use building (K2) on 429 Seventh Avenue for $35 million from McDonald’s on December 20, 2019.
Of those five items, two were loans above $5 million totaling $47.5 million. The most recent of the two was Falcon Properties which borrowed $17.5 million from Signature Bank secured by the 99,184-square-foot, 114-unit office building (O6) on 147 West 35th Street on June 9, 2021.

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