The Real Deal New York

Doug Steiner gets $130M loan for East Village condo project

Bank of America Merrill Lynch provided the cash

December 29, 2015 09:31AM

438 East 12th Street Douglas Steiner

438 East 12th Street in the East Village (credit: EV Grieve)  (inset: Douglas Steiner)

Steiner Studios’ Doug Steiner, who recently filed plans for a massive film production complex at the Brooklyn Navy Yard, just got a $130 million loan for a different project, a ground-up condominium development in the East Village.

The developer received the cash to fund construction at his 82-unit, 165,000-square-foot residential building at 438 East 12th Street, between Avenue A and First Avenue, the New York Observer reported.

Steiner bought the site for $41 million in 2012, from the Mary Help of Christians church.

He received another loan in February – $390 million from Bank of America – for The Hub, a planned 52-story, 720-unit rental tower in Downtown Brooklyn, which will be 20 percent affordable.

Earlier this month, The Real Deal reported that Steiner filed plans for a 179,000-square-foot studio complex at the Brooklyn Navy Yard. The three-story building will house six soundstages. [NYO]Ariel Stulberg