Rudin Management Company has secured a multi-year extension on its $425 million CMBS loan for 32 Avenue of the Americas, a 27-story Art Deco tower in Tribeca, Manhattan. The extension allows for a maturity date of November 2029, contingent upon the exercise of two one-year renewal options in 2027 and 2028. As part of the agreement, Rudin will launch $100 million in capital improvements and leasing initiatives aimed at modernizing and enhancing the property, which is located between Lispenard and Walker Streets.
The forthcoming upgrades include a new prebuilt office program with suites ranging from 5,000 to 10,000 square feet, a redesigned lobby, and renovated street-level retail spaces offering flexible layouts for tenants. Additionally, Rudin will open a leasing and marketing center on the building’s 25th floor, complete with two outdoor terraces and panoramic views of Manhattan.
32 Avenue of the Americas surrounding area, via nyc.gov.
Originally built as the AT&T Long Lines Building and acquired by the Rudin family in 1999, 32 Avenue of the Americas contains both office space and a data center. The tower features two 140-foot radio towers, redundant HVAC systems, and access to more than 50 telecommunication networks. Its inventory is currently 91 percent leased for its telecom and data center space, with tenants like Verizon, Lumen Technologies, and Digital Realty, alongside office tenants such as Dorilton and Industrious.
The building is located near the Canal Street stations served by the 1, 6, A, C, E, J, N, Q, R, W, and Z trains.
Subscribe to YIMBY’s daily e-mail
Follow YIMBYgram for real-time photo updates
Like YIMBY on Facebook
Follow YIMBY’s Twitter for the latest in YIMBYnews
I recall reading a YIMBY article on this building’s renovation a while back. A new cafe at the corner with a 1 floor addition and outdoor seating was particularly interesting. It’s a great building; I’m sure it was over engineered and can last a very long time. I hope the renovation work goes well. I feel like that article was a few years ago so it seems to be taking a while to get things going, but it will be great to see it work out.
A behemoth..
..and light up those two Radio Towers! (if not already)
Glad to know the back story to this amazing and beautiful building.