Rudin Refis Manhattan High-Rise
The Midtown building went through renovations in 2004 and 2013.
Rudin Management has obtained $60 million in refinancing for 641 Lexington Ave., a 426,775-square-foot office building in Manhattan, according to Yardi Research Data. Prudential Financial provided the note.
Previous financing includes a $25 million loan originated in May 2016 and a $60 million loan from June 2019, both from the same lender, the same source shows.
Located in Midtown Manhattan, the high-rise is less than 1 mile from Rockefeller Center and Central Park. Empire State Building is 2 miles away.
Manhattan’s office vacancy rate at the end of July clocked in at 20.8 percent, marking a 270-basis-point decrease year-over-year, according to the latest Yardi Matrix office report. However, the borough’s rate was still above the 19.4 percent national threshold. As of July, the market’s average listing rate was $68, dropping 4.7 percent compared to the same month of 2024.
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Developed by Rudin and designed by Emery Roth & Sons in 1964, the 32-story tower went through renovations in 2004 and 2013. The high-rise has floorplates ranging between 7,000 and 32,000 square feet, as well as more than 23,800 square feet of retail space.
Amenities comprise private terraces on select floors and a messenger center. The tenant roster includes Gruner & Co., Rudd Realty Management, State of New York Homes and Community Renewal and Alstom, Yardi Research Data shows.
Loan originations drop quarter-over-quarter
Loan originations for office assets saw a 140 percent year-over-year increase in dollar volume in the second quarter of this year, according to a Mortgage Bankers Association report. However, they registered an 18-percent decrease compared to the previous quarter.
In the second quarter of this year, Rudin Management obtained a $385 million financing package for 3 Times Square, a 950,000-square-foot office tower in Midtown Manhattan. The high-rise is less than 2 miles from 641 Lexington Ave.
More recently, SL Green Realty Corp. and PGIM Real Estate landed a $1.4 billion fixed-rate mortgage loan for 11 Madison Avenue, a 2.3 million-square-foot building. Computershare Trust Co. is the trustee.
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