Jack Resnick & Sons and joint venture partner The Ruben Companies have closed a $100 million refinancing of 52 Broadway, a 19-story, 426,000-square-foot office building in Lower Manhattan. PGIM Real Estate served as the lead underwriter on the 15-year loan. Singer & Bassuk brokered the deal on Resnick’s behalf.
“52 Broadway has long been an important part of our Downtown office portfolio, and this refinancing during these immensely challenging times is a testament to the quality of this asset, the strength of our anchor tenant, and the skill and dedication of PGIM Real Estate and Singer & Bassuk,” said Jonathan Resnick, president of Jack Resnick & Sons.
Resnick acquired 52 Broadway in 1978 and undertook an extensive renovation that included deconstructing the entire structure down to the steel skeleton, adding six floors, and in-filling the courtyard.
Today, the building is net leased on a long-term basis to the United Federation of Teachers (UFT). The UFT lease was signed in April 2002 and was one of the first major office leasing transactions to be signed in Lower Manhattan after 9/11. Resnick performed a major alteration of the building for the tenant, which included the addition of underground parking and removal of structural columns to create column-free auditorium space.
The property comprises the entire blockfront of Exchange Place between Broadway and New Street. It is situated just two blocks from the New York Stock Exchange and in walking distance to Fulton Center and the World Trade Center Transportation Hub.
In addition to 52 Broadway, Resnick owns four other properties in Lower Manhattan, including 255 Greenwich Street, One Seaport Plaza (a.k.a. 199 Water Street), 161 William Street and 200 Chambers Street.