A firm founded by a businessman with Belarusian roots will rebuild a skyscraper in downtown New York
'28.06.2022'
Nadezhda Verbitskaya
The Rudin family has signed a major financial deal for the reconstruction of the 3 Times Square skyscraper. A group of lenders led by JPMorgan provided $415 million in refinancing. Rudin Management will use it to continue renovating a 30-story downtown office tower it co-owns with Thomson Reuters. The Real Real.
Rudin said the money would be used to renovate the tower's lobby, upgrade elevators and entry systems. The renovation also includes the construction of new amenities, including a fitness center, dining room and conference room. As well as the installation of a large electronic billboard on the outside of the tower. Financing will also go towards leasing operations, the firm said.
In 2020, Rudin approached FXCollaborative, the architecture firm that originally designed the building 20 years ago, with a $25 million renovation project. Redevelopment plans intensified last year as Rudin prepared for the departure of office tenants in the tower, including Bank of Montreal and FTI Consulting. Then the building was mostly empty due to the pandemic. And the firm brought in Cushman & Wakefield to sell office space in the renovated tower.
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The tower was originally opened in 2001 as the North American headquarters of the Reuters Group.
About Rudin
The Rudin family is from Belarus. In 1884, Louis and Rachel Rudinski immigrated to the United States. Rudin is currently run by the third and fourth generations of the Rudin family.
The Rudin family runs one of the largest private real estate companies in New York. Founded in 1925 by Samuel Rudin and his siblings, Rudin controls 33 properties in New York City.
With a hands-on approach and more than 700 employees, Rudin manages commercial and residential buildings. The company pays special attention to the construction and management of class A real estate in New York.
