Ruben, Jack Resnick Nab $205M MetLife Refi for Midtown East Offices
A joint venture between Jack Resnick & Sons and the Ruben Companies has secured a $205 million loan from MetLife Investment Management to refinance 110 East 59th Street, a Class-A office building in Midtown East, Commercial Observer can exclusively report.
The 10-year loan closed on April 2 and was arranged by the Singer & Bassuk Organization. Singer and Bassuk Chairman and CEO Andy Singer confirmed the refinance to Commercial Observer but declined to provide any further details. MetLife also declined to comment on specific financing details.
Jack Resnick & Sons, which has its offices at the location, is currently undergoing a major renovation of the building, according to information from the firm. It recently completed a renovation of the main lobby, and replaced the original brick façade with a metal rain-screen façade system, designed by Moed De Armas & Shannon Architects. The project costs approximately $25 million, according to the firm.
Built in 1968 by Jack Resnick & Sons and originally designed by the late architect W. M. Lescaze, according to a building fact sheet from Jack Resnick, the roughly 37-story, 612,000-square-foot tower is situated between Lexington and Park Avenues.
The building is currently 98 percent leased, according to the CoStar Group, with major anchor tenants, including brokerage Cantor Fitzgerald, which has 17,000 square feet on the second floor, Cantor Commercial Real Estate (CCRE), which has 217,000 square feet across floors three through seven and on the 21st floor on a lease that expires in May 2018. Estee Lauder Companies, which holds 217,000 square feet across 13 floors on a new, 20-year lease it picked up in August 2017, as CO first reported. The New York Public Library, which has been housed in the building since 1969, according to a Jack Resnick & Sons spokeswoman, has just over 13,000 square feet on the property’s first floor.
Officials at Jack Resnick & Sons declined to comment on the financing. A spokesman for Ruben Companies could not immediately be reached for comment.