Glenwood Management refinances UES tower with $127M loan

Rental property at 300 East 75th has about 470 units

TRD New York /
Mar.March 28, 2019 01:30 PM

Glenwood Management Executive Vice President Carole Pittelman and 300 East 75th Street (Credit: Google Maps and Pittelman by Steve Friedman)

Glenwood Management has refinanced another one of its Upper East Side luxury apartment towers.

Glenwood, founded by the Litwin family, landed a $127 million Fannie Mae loan from Prudential Multifamily Mortgage for its 33-story complex called the Fairmont, according to a public record filed Thursday with the city’s Department of Finance.

Neither party immediately returned requests for comment.

The Fairmont, which Glenwood has owned for decades, is located at 300 East 75th Street near Second Avenue and houses 467 units. Rents range from $2,895 for a studio to $7,895 for a two-bedroom apartment, according to StreetEasy.

In June, Prudential Multifamily provided $98 million to Glenwood for another Upper East Side refinancing. That deal covered three rental properties, located at 322, 330 and 350 East 79th Street.

Glenwood’s longtime leader, Leonard Litwin, died in April 2017 at the age of 102. Under his tenure, Glenwood became the most politically powerful real estate firm in the state, though it was entangled in the trial of former assembly speaker Sheldon Silver. Now run by Litwin’s daughter Carole Pittelman, Glenwood last year broke into affordable housing for the first time, filing permits for a project in Coney Island.

Related Articles

With a cooling trade war, stocks perform well, including real estate. (Credit: iStock)

Real estate stocks push up this week as U.S.-China trade tensions ease

416 West 25th Street and Maverick Real Estate Partners principal David Aviram (Credit: Google Maps and LinkedIn)

Chelsea landlord claims “predatory” lender is charging a crippling interest rate as punishment after losing foreclosure case

Michael Shvo with 711 5th Avenue (Credit: Getty Images, and Google Maps)

Michael Shvo seeking $600M to refinance Coca-Cola Building

Andy and Kate Spade with 850 Park Avenue (Credit: Getty Images and Google Maps)

Kate Spade’s UES co-op sells for $5.8M

4650 Broadway (Credit: Google Maps)

Inwood site goes for twice what seller paid last year

WeWork co-CEOs Artie Minson and Sebastian Gunningham

WeWork under pressure as losses soar to $1.25B

195 Broadway and L&L Holding's David Levinson and Robert Lapidus (Credit: Google Maps and L&L Holding)

L&L, Safehold lock in $592M in financing for Downtown building

40 East 72nd Street and Spiros and Antonia Milonas (Credit: Getty Images, iStock)

“Officially out of money”: Upper East Side condo in disarray