Rudin's $175M Chase Loan Is Now Recorded at 355 Lexington
Chase's $175M loan on the 355 Lexington conversion hit ACRIS as two mortgages, $139.2M and $35.8M, on a lot whose last loan was $7.6M.
JPMorgan Chase’s construction financing for the office-to-residential conversion at 355 Lexington Avenue is now on the public record: two mortgages totaling $175,000,001, recorded September 15 against the Grand Central tax lot. The borrower on both is 355 Lexington LLC and the lender is Chase as administrative agent. PincusCo reported the $175M Chase loan to Rudin Management three weeks ago. ACRIS now shows how it was papered.
Why it matters
For a developer or lender sizing a Midtown conversion, the useful detail is the structure. The money is split into a $139,249,550 mortgage and a $35,750,451 mortgage, both dated September 3. Chase signed as administrative agent, the title lenders use when a loan is run for a group, though the recorded documents do not say whether other banks are in it. This is also new leverage, not a refinance: the lot’s last recorded debt was a small one.
The numbers
The two mortgages add to $175,000,001. The last loan on this lot was a Prudential mortgage, first recorded in 2003 at $7,432,478.84 and restated in 2012 at $7,636,003.85. A satisfaction of mortgage was recorded September 19, 2022. The new Chase debt is about 23 times that last loan. The borrower name is the same 355 Lexington LLC that appears on the 2003 and 2012 Prudential documents, which means the entity that held the building through the old loan is the one borrowing now. The recorded records name the LLC, not Rudin; the Rudin link comes from PincusCo and from Rudin’s own project page for the building.
We found no consolidation or assignment documents among the two mortgage records we pulled, and the public index we use for older filings ends August 31, so companion filings recorded in September were not checked.
What’s next
Watch the Buildings Department file for the conversion, which our earlier look put at 297 apartments and a filed cost of $36,827,612, far below this loan. Any amended filing or new permit would show how much of the $175M is being drawn. More at New York.
On the record
What we checked ourselves, and where you can check it too.
- Public recordThe Chase loan was recorded as two mortgages on Manhattan Block 1295, Lot 23 on September 15, 2026, for $139,249,550 and $35,750,451, a combined $175,000,001, both dated September 3.View the record on a836-acris.nyc.gov
- Public recordThe lot's previous debt was a Prudential mortgage restated at $7,636,003.85 in 2012 and satisfied in a filing recorded September 19, 2022, so the new loan is about 23 times the last one.View the record on a836-acris.nyc.gov
Sources
- NYC Department of Finance, ACRISMortgage, $139,249,550, recorded 2026-09-15
- NYC Department of Finance, ACRISMortgage, $35,750,451, recorded 2026-09-15
- NYC Department of Finance, ACRISAmended and restated mortgage, $7,636,003.85, Prudential, recorded 2012-08-16
- NYC Department of Finance, ACRISSatisfaction of mortgage, recorded 2022-09-19
- PincusCoRudin signs $175M construction loan with Chase for 297-unit resi conversion in Grand Central