{"id":1004462224,"date":"2020-07-10T03:17:34","date_gmt":"2020-07-10T11:17:34","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004462224"},"modified":"2020-07-10T05:08:12","modified_gmt":"2020-07-10T13:08:12","slug":"manhattan-office-building-lands-100m-refi","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/manhattan-office-building-lands-100m-refi\/","title":{"rendered":"Manhattan Office Building Lands $100M Refi"},"content":{"rendered":"
\"\"<\/a>

52 Broadway. Image courtesy of PGIM Real Estate<\/em><\/p><\/div>\n

Jack Resnick & Sons and its joint venture partner, The Ruben Cos., have closed on a $100 million loan to refinance 52 Broadway, a 19-story, 426,000-square-foot office building in lower Manhattan that is net leased on a long-term basis to the United Federation of Teachers.<\/p>\n

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READ ALSO<\/strong>: Flexible Office Sector Successfully Bends Under COVID-19 Rules<\/a><\/p>\n

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PGIM Real Estate was the lead underwriter on the new 15-year loan that replaced a maturing CMBS loan<\/a>. The building owners were represented by their longtime mortgage broker, The Singer & Bassuk Organization. Andrew Singer, chairman & CEO of the firm, noted it has arranged three financings for the property. He stated a loan in early 2002 was one of the first closings in Manhattan\u2019s Financial District after the attack on 9\/11 and the subsequent loan in 2010 was one of the first new CMBS loans coming out of the Great Recession.<\/p>\n

Jonathan Resnick, president of Jack Resnick & Sons, said in a prepared statement refinancing the property during the COVID-19 crisis is a testament to the quality of the asset, the strength of the anchor tenant and dedication of PGIM Real Estate and Singer & Bassuk.<\/p>\n

Tom Goodsite, PGIM Real Estate\u2019s managing director who led the transaction for the firm, said in prepared remarks they were able to lock in a rate in mid-April, about a month after receiving the initial request, and had the property inspected and toured after the rate-lock. He also cited the strength of the asset, as well as the borrower, as playing an important role in getting the deal done in the midst of New York City\u2019s lockdown due to the pandemic.<\/p>\n

Lower Manhattan location          <\/strong><\/h2>\n

Situated on the corner of Broadway and Exchange Place, the property and an adjacent building at 50 Broadway<\/a> serve as the headquarters for the UFT. When the UFT signed a lease for 52 Broadway in April 2002, it was one of the first major office leasing transactions in lower Manhattan after 9\/11. The building has a 1,000-person auditorium and 35 parking spaces in a below-ground garage and comprises the entire blockfront of Exchange Place between Broadway and New Street. The building is located less than two blocks from the New York Stock Exchange and is within walking distance of Fulton Center and the World Trade Center Transportation Hub.<\/p>\n

In addition to 52 Broadway, Resnick owns four other properties in lower Manhattan\u2014255 Greenwich St.; One Seaport Plaza, which is also known as 199 Water St.; 161 William St. and 200 Chambers St. The firm, founded in 1928, has a Manhattan portfolio of commercial and retail space totaling about 6 million square feet. In January, Cantor Fitzgerald LP signed a 16-year lease renewal<\/a> for 151,890 square feet at Resnick\u2019s 37-story office tower at 110 E. 59th<\/sup> St. in Midtown Manhattan\u2019s Plaza District.<\/p>\n","protected":false},"excerpt":{"rendered":"

PGIM Real Estate provided the 15-year financing to Jack Resnick & Sons and its joint venture partner, The Ruben Cos.<\/p>\n","protected":false},"author":1068,"featured_media":1004462245,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21808,21825,1600,21742,10,21747],"tags":[35143,34714,33626,35070],"class_list":["post-1004462224","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-featured","category-finance","category-new-york","category-latest","category-northeast","category-office","tag-jack-resnick-sons","tag-pgim-real-estate","tag-prudential-financial","tag-the-bassuk-organization"],"acf":[],"yoast_head":"\nManhattan Office Building Lands $100M Refi - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/manhattan-office-building-lands-100m-refi\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Manhattan Office Building Lands $100M Refi\" \/>\n<meta property=\"og:description\" content=\"PGIM Real Estate provided the 15-year financing to Jack Resnick & Sons and its joint venture partner, The Ruben Cos.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/manhattan-office-building-lands-100m-refi\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2020-07-10T11:17:34+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2020-07-10T13:08:12+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2020\/07\/52-Broadway-featured.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"800\" \/>\n\t<meta property=\"og:image:height\" content=\"620\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Gail Kalinoski\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/manhattan-office-building-lands-100m-refi\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/manhattan-office-building-lands-100m-refi\/\",\"name\":\"Manhattan Office Building Lands $100M Refi - Commercial Property Executive\",\"isPartOf\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/manhattan-office-building-lands-100m-refi\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/manhattan-office-building-lands-100m-refi\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2020\/07\/52-Broadway-featured.jpg\",\"datePublished\":\"2020-07-10T11:17:34+00:00\",\"dateModified\":\"2020-07-10T13:08:12+00:00\",\"author\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/fc5b5df1393e5023d2417bd48c2fda57\"},\"breadcrumb\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/manhattan-office-building-lands-100m-refi\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.commercialsearch.com\/news\/manhattan-office-building-lands-100m-refi\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/manhattan-office-building-lands-100m-refi\/#primaryimage\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2020\/07\/52-Broadway-featured.jpg\",\"contentUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2020\/07\/52-Broadway-featured.jpg\",\"width\":800,\"height\":620,\"caption\":\"52 Broadway. 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