Rudin Management Secures $175 Million Construction Loan From J.P. Morgan Chase For Office Conversion
355 Lexington Avenue
$175,000,000
$777/SF
Building Size
225,000 SF
Asset Type
Office
Closing
Sep 3, 2026
About this deal
AI
355 Lexington Avenue is an office property located in the Grand Central market of Manhattan, with a total square footage of 225,000. The asset is undergoing an office-to-residential conversion that will result in the creation of 297 mixed-use units.
Summary of transaction details:
- Property Type: Office
- Transaction Amount: $175,000,000
- Lender: J.P. Morgan Chase
- Landlord: Samantha Rudin Earls & Michael Rudin - Rudin Management Company
- Loan Type: Construction
This transaction is significant for Rudin Management Company, which secured a substantial rehabilitation construction loan from J.P. Morgan Chase for the redevelopment project at 355 Lexington Avenue, facilitating the conversion process and offering an expansion in the residential space within Manhattan.
Players
New 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
0.09%
Cash-on-Cash
-0.03%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93