The Real Deal New York

EPIC scores $65M loan for four Manhattan properties

Deal counts two commercial condos and two full buildings
By Will Parker | February 21, 2017 05:30PM

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.