Steven Elghanayan and 148 Lafayette Street
Steven Elghanayan’s firm Epic is in contract to purchase the Soho office building that headquarters Dolce & Gabbana for twice what the current owners paid five years ago. According to the New York Post, Epic will pay Property Group close to $130 million, or $870 per square foot, for the 155,000-square-foot property at 148 Lafayette Street between, Grand and Howard streets. [more]
New York City and London-based real estate company Epic is acquiring 15 Little West 12th Street, a five-story Meatpacking District office building, from Taconic and Square Mile Capital partners for $70 million, Epic co-founder Steven Elghanayan told Real Estate Weekly.
The 70,000-square-foot building was originally imagined by late party planner and wannabe developer Robert Isabell. … [more]
From the November issue: Contrary to popular belief, commercial lenders did not throw out all of their standards in the recent cycle of easy credit.
When developer Aby Rosen structured his $133 million loan for the
acquisition and development of the Shangri-La hotel at 614 Lexington
Avenue in April 2007, the mortgage document included a personal
guaranty to cover losses in the event of a default. Similarly, when Kent Swig negotiated $49 million in loans with
Lehman Brothers Holdings to develop a hotel and condo project at 45
Broad Street in the Financial District in 2006 and 2007, the bank
demanded a similar guaranty in the mortgage documents.
And other big-time borrowers such as developer Yair Levy and
investor Steven Elghanayan have made the same types of commitments to
convince banks to make loans on their projects…. [more]
Bank of America filed to foreclose on two loans totaling more than $30
million provided for the development of a rental project dubbed the
Oliver to be constructed by the luxury developer Alexico Group on the
East Side. The lawsuit describes one mortgage from 2007 as the fee acquisition
loan, valued at $28.32 million, and the second as a development rights
acquisition loan from 2008, valued at $2.3 million. Both loans were originally due November 2008, but the maturity date was
extended to May 1, 2009. The loans were not repaid by that time, and
the bank notified the borrowers that the loans were in default, the
suit filed in New York State Supreme Court August 13, says. The loans cover five mid-block lots from 951 to 961 First Avenue,
between 52nd and 53rd streets, although the planned 30-story
development is only on the three northernmost lots totaling 75 feet by
100 feet, court papers and property records show. The other two lots
are occupied by five-story apartment buildings…. [more]
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