Glenwood lands $98M loan for UES buildings

Loan from Prudential is for 322, 330 and 350 East 79th St

TRD New York /
Jun.June 07, 2018 12:46 PM

Glenwood Management’s Executive Vice President Gary Jacob and 350 East 79th Street

Glenwood Management received a $98 million loan from Prudential Multifamily Mortgage for a trio of rental properties on the Upper East Side.

The money will go to 322, 330 and 350 East 79th Street, located between First and Second avenues, property records filed with the city Thursday. The loan includes $4.9 million in new financing along with two notes for $49.8 million and $43.3 million.

The property at 350 East 79th Street is the Lucerne, a luxury rental building that stands 44 stories tall and includes 236 apartments.

Glenwood and Prudential did not immediately respond to requests for comment.

Glenwood, one of the largest rental landlords in the city, was founded in 1961 by Leonard Litwin, who died last year at age 102. He left behind a complicated legacy.


Related Articles

arrow_forward_ios
The bombshell probe also found that minorities had to meet more stringent financial qualifications than white buyers. (Credit: iStock)

LI agents routinely discriminate against minority buyers, undercover probe finds

Softbank CEO Masayoshi Son (Credit: Getty Images)

SoftBank’s $3B payout to WeWork’s investors is delayed

Zillow CEO Rich Barton (Credit: iStock)

Zillow and Opendoor aren’t making much on home-flipping

John Legere (Credit: Getty Images)

WeWork reportedly in talks to hire T-Mobile exec as CEO

This week, the State Department of Taxation and Finance issued a new memo that notably made no mention of condos. (Credit: iStock)

Regulators quietly change stance on condos in LLC law

Realogy CEO Ryan Schneider (Credit: iStock)

Realogy’s plan to stop the iBuyers from gaining a foothold in Chicago

Daily Digest Thursday

Worker killed at Lam Group construction site, Uber signs WTC lease: Daily digest

Developers are offering to pay the increased mansion and transfer taxes to give them an edge in a difficult market. (Credit: iStock)

Amid slow sales, developers give buyers a break on mansion taxes

arrow_forward_ios