Glenwood refinances another UES tower with a $102M loan

Loan from Prudential is for 490-unit property at 1365 York Avenue

May.May 23, 2019 12:45 PM
1365 York Avenue and Carole Pittelman

1365 York Avenue and Carole Pittelman (Credit: Google Maps and Steve Friedman (Pittleman))

The deals between Prudential and Glenwood are continuing to hum along.

Prudential Multifamily Mortgage has provided Glenwood with a $102 million loan backed by Fannie Mae to refinance their residential property at 1365 York Avenue, according to property records.

The residential property is located by East 73rd Street and known as The Somerset. It stands 37 stories tall and contains 490 units, and rentals go for an average price of about $4,500, according to StreetEasy.

Glenwood and Prudential did not respond to requests for comment.

The management firm, founded by the Litwin family, also received a $127 million Fannie Mae loan from Prudential in March for their luxury apartment tower at 300 East 75th Street, known as the Fairmont. It received a $98 million Prudential loan in June as well for a trio of rental properties at 322, 330 and 350 East 79th Street.

Leonard Litwin, the longtime leader of the firm, did at age 102 in April 2017. The firm is now run by Carole Pittelman, Litwin’s daughter. It broke into affordable housing for the first time last year with a project on Coney Island.

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