Glenwood Management refinances UES tower with $127M loan

Rental property at 300 East 75th has about 470 units

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.

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