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

With a cooling trade war, stocks perform well, including real estate. (Credit: iStock)

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

The Tel Aviv Stock Exchange (Credit: Getty Images)

All Year’s Israeli bonds tumble on $41M loss

Alex Sapir and the NoMo Soho hotel at 9 Crosby Street (Credit: NoMo SoHo)

Sapir Corp.’s stock drops in Tel Aviv

55 Hudson Yards, Facebook CEO Mark Zuckerberg (Credit: Google Maps and Getty Images)

Here’s how much Facebook is paying at Hudson Yards

Michael Shvo with 711 5th Avenue (Credit: Getty Images, and Google Maps)

Michael Shvo seeking $600M to refinance Coca-Cola Building

4650 Broadway (Credit: Google Maps)

Inwood site goes for twice what seller paid last year

WeWork co-CEOs Artie Minson and Sebastian Gunningham

WeWork under pressure as losses soar to $1.25B