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New York

Rudin refinances BlackRock building with $100M loan

JPMorgan Chase mortgage replaces one from New York Life

40 East 52nd Street and Bill Rudin
40 East 52nd Street and Bill Rudin

Rudin Management refinanced a Midtown office tower occupied by asset manager BlackRock with a $100 million loan from JPMorgan Chase, according to property records filed with the city Friday.

The new mortgage for 40 East 52nd Street and a small neighboring property at 39 East 51st Street replaces a mortgage from the New York Life Insurance Company with an outstanding balance of $56.8 million.

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The 24-story, 448,000-square-foot property at 40 East 52nd Street is one of two buildings occupied by asset management giant BlackRock, along with Fisher Brothers and Soho China’s 55 East 52nd Street. BlackRock has 268,000 square feet of office space at the building.

The company tapped JLL to find a new headquarters after its lease at 55 East 52nd Street expires in 2023, The Real Deal first reported In February.  It is reportedly considering a move to Hudson Yards, Manhattan West or 2 World Trade Center.

A spokesperson for BlackRock recently told The Real Deal that the company is also in talks to renew at 55 East 52nd Street.

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Bill RudinBlackrockJPMorgan Chase