Elad lands $90M loan for 15-story Hell’s Kitchen condo

Bank Hapoalim financing is on top of a $42M acquisition loan in 2014

Yitzhak Tshuva and a rendering of 505 West 43rd Street (Credit: ODA)
Yitzhak Tshuva and a rendering of 505 West 43rd Street (Credit: ODA)

Yitzhak Tshuva’s Elad Group locked in $90 million in construction financing for a Hell’s Kitchen condominium project.

Israel-based Bank Hapoalim is providing the mortgage for the 15-story development at 505 West 43rd Street, property records show. The bank also gave Elad a $42 million acquisition loan in 2014.

Elad [TRDataCustom], owner of The Plaza Hotel and co-developer of 1 West End Avenue with Silverstein Properties, bought the block-through site, located between 10th and 11th avenue, for $43 million from Rhode Island-based hospitality group Magna. Magna picked up the empty lot, which is located over a set of sunken train tracks, for $42 million in 2008 from hotelier Sam Chang’s McSam Group.

Representatives for Elad declined to comment on the loan.

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In 2015, the developer submitted plans with the city’s Department of Buildings to Build Over The Amtrak Tracks Running Under The 43rd Street property. Plans called for a 179,543-square-foot building with 123 apartments, including market-rate condos and affordable units.

Late last year, Elad disclosed plans to raise $60 million by selling bonds on the Tel Aviv Stock Exchange, but those plans seem to have stalled.

Elad is also partnering with Miami-based Peebles Corporation at 108 Leonard Street in Tribeca, where the developers are converting a 419,000-square-foot building into condos. The building, with an alternate address of 346 Broadway, will have 151 units plus a community facility and commercial space, according to DOB filings.

Chava Gourarie contributed reporting.