The Real Deal New York

Ruben Companies secures $245M loan for 1700 Broadway

Firm recently paid $280M to take fee position, own office tower in full

February 08, 2016 01:22PM

Richard Ruben 1700 Broadway

Richard Ruben and 1700 Broadway in Midtown

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