The Real Deal New York

Steven Elghanayan’s firm secures $78M to refi Soho office building

AIG Investments is the lender on 148 Lafayette Street
By Miriam Hall | June 27, 2017 05:57PM

148 Lafayette Street and Steven Elghanayan

EPIC, the investment vehicle of Steven Elghanayan, landed $78.2 million to refinance its office building at the corner of Howard and Lafayette Street in Soho, according to records filed with the city Tuesday.

AIG Global Investment Group is the lender on the property. The financing includes $14.6 million in new money, and replaces a $63.5 million acquisition loan issued by Manufacturers and Trust company in 2012, the documents show.

The firm bought the 155,000-square-foot property for $126.5 million from Louis Dreyfus Property Group in 2012, paying around double what the previous owners had paid five years earlier.

EPIC acquired the Candler Tower in Times Square in 2012, but has been quiet on the new acquisition front in the city in recent years.Earlier this year, EPIC secured a $65 million loan from TD Bank to refinance four of its lower Manhattan properties.

Steven Elghanayan is the cousin of the Elghanayans that operate TF Cornerstone and Rockrose Development.

Steven’s brother Michael runs the U.K. operations of EPIC.

Representatives from EPIC and AIG could not be immediately reached for comment.