Rudin Management Company Secures $385 Million Refinance Loan From J.P. Morgan Chase For 3 Times Square
3 Times Sq
$385,000,000
$405/SF
Building Size
950,000 SF
Asset Type
Office
Closing
Jun 24, 2025
About this deal
AI
The asset involved in this transaction is an office building located at 3 Times Square in Midtown Manhattan. The property has a total square footage of 950,000 and consists of 30 stories. Recently renovated and WELL-certified, this tower is notable for attracting high-profile tenants.
Summary of transaction details:
- Property Type: Office
- Transaction Amount: $385,000,000
- Lender: J.P. Morgan Chase
- Landlord: Samantha Rudin Earls & Michael Rudin - Rudin Management Company
- Loan Type: Refinance
This refinancing deal was secured by Rudin Management, involving three loan components for the Midtown Manhattan tower. Tenants of note include Reuters and Kilpatrick Townsend, reflecting the building's desirability and solid market presence.
Players
New York Office Market Snapshot
Boundary boundary · Office · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.04%
Cash-on-Cash
-0.01%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93