Rudin’s 32 Sixth Avenue value slashed by 56%

Rudin’s troubled Tribeca office building just took a brutal markdown. The value of 32 Sixth Avenue, the former AT&T headquarters, was cut to $340 million, according to Morningstar Credit. That’s a 56 percent decline from the property’s 2015 valuation of $770 million. Rudin declined to comment. The reappraisal comes a month after the company landed a four-year extension on its $425 million commercial mortgage-backed securities loan at the property. The debt hit special servicing in September due to “imminent maturity default” after a representative for Rudin requested the transfer to allow for negotiations to kick off for a loan modification. […] This article originally appeared on The Real Deal. Click here to read the full story.