Ruben Companies received $245 million in financing from Prudential Mortgage Capital Company for its 42-story, 650,000-square-foot office tower at 1700 Broadway, according to city records.
New York-based Ruben recently bought the land beneath the Midtown building between West 53rd and West 54th streets, which it had developed in 1968, from the Shubert Foundation for $280 million in an off-market transaction.
Ownership would have reverted to the foundation when the ground lease expired in 2067, the New York Observer reported.
In 2013, Ruben struck a similar deal when it paid $210 million for the land under the 26-story office building at 600 Madison Avenue between East 57th and East 58th streets, where it had owned the ground lease since the 1970s.
The Singer & Bassuk Organization arranged the loan at 1700 Broadway. [NYO] — Dusica Sue Malesevic
Source: The Real Deal