EPIC scores $65M loan for four Manhattan properties

Deal counts two commercial condos and two full buildings

TRD New York /
Feb.February 21, 2017 05:30 PM

17 West 14th Street (inset: Steven Elghanayan) (credit: Google Maps)

EPIC, the investment vehicle of Steven and Michael Elghanayan, obtained a $65 million loan to refinance four of its lower Manhattan properties, according to documents filed with the city Tuesday. Two commercial condos in Soho at 73 Wooster and 388 West Broadway, and two commercial buildings at 17 West 14th Street and 40 Thompson Street, are financed in the loan from TD Bank.

The shopping complex near Union Square at 17 West 14th Street is host to a Levi’s store and Guitar Center, while 40 Thompson Street is an office building. The commercial condo at 388 West Broadway holds a retail space and 73 Wooster Street was until recently the home of a Moschino fashion boutique.

The U.S. arm of EPIC is headed by Steven Elghanayan, a relative of the New York Elghanayans who run real estate firms Rockrose Development and TF Cornerstone. Michael Elghanayan, his brother, heads EPIC’s U.K. operations.

Steven did not immediately respond to a request for comment.

Some of the buildings covered by EPIC’s new loan from TD Bank were acquired in an $80 million deal with Vornado Realty Trust in 2011. The financing includes a $34 million mortgage, with the remainder replacing unpaid balance on previous loans from Sovereign Bank.

In 2012, EPIC paid $130 million for an office building at 148 Lafayette Street in Soho and acquired the Times Square Candler Tower. The firm has been fairly quiet on the new acquisition front in New York in recent years.

Related Articles


Real estate stocks push up this week as U.S.-China trade tensions ease

416 West 25th Street and Maverick Real Estate Partners principal David Aviram (Credit: Google Maps and LinkedIn)

Chelsea landlord claims “predatory” lender is charging a crippling interest rate as punishment after losing foreclosure case

Joel Schreiber (Credit: Shir Stein and Wikipedia)

WeWork’s first investor used his stock as collateral. Now his lenders are suing him

Cammeby's International Group founder Rubin Schron and, from top: 194-05 67th Avenue, 189-15 73rd Avenue and 64-05 186th Lane (Credit: Google Maps)

Ruby Schron lands $500M refi for sprawling Queens apartment portfolio

163 North 6th Street and the Tel Aviv Stock Exchange Bull (Credit: Google Maps, Wikipedia)

Joel Gluck’s Israeli bond issuance falls through as Williamsburg rental project faces financing crunch

NYC’s foreign investment landscape in the era of trade wars and heightened nationalism

Larry Silverstein and the Tel Aviv Stock Exchange (Credit: Getty Images)

Institutional investors swarm Silverstein’s new TASE bonds

Real estate firms get (green) thumbs down as they jump into climate bonds