The Real Deal New York

Ekstein secures $54M loan for NoMad condo tower

Centennial Bank provides construction financing

October 04, 2016 01:25PM
By Kathryn Brenzel

Interior rendering of 30 East 31st Street and Erik Ekstein

Interior rendering of 30 East 31st Street and Erik Ekstein

Erik Ekstein’s Ekstein Development Group landed a $54 million construction loan for its 42-story NoMad condominium project.

Centennial Bank provided the financing for 30 East 31st Street, where Ekstein plans to build a residential tower, according to property records filed with the city on Tuesday.

The 41-unit residential portion of the project is expected to span 70,265 square feet, a permit application shows. The building will also include 1,646 square feet of commercial space. Pinnacle Real Estate is partnering on the project, and Morris Adjmi Architects is designing the building.

Representatives from Ekstein and Morris were not immediately available to comment.

Ekstein and Certes Partners bought the property in 2014 for $15.5 million and later paid $10.5 million for air rights from a nearby building at 27 East 30th Street. The property was once home to the Madison Avenue Baptist Church’s parish house, which was razed to make way for the condominium. Ekstein has previously said that the condo has a projected sellout of $90 million.

In January 2015, Ekstein sued managers of M127 — a Cardinal Investments-developed condominium next door — for allegedly stalling progress on 30 East 31st.  The case was settled in March of that year.

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