Joel Gluck scores $69M Bronx refi

Noonan Plaza contains 238 rental units

TRD New York /
Nov.November 13, 2017 01:30 PM

Joel Gluck’s Spencer Equity has secured $69 million to refinance its 238-unit multifamily rental building in the South Bronx.

The financing for the affordable housing building, called Noonan Plaza and located at 105 West 168th Street, consists of one $53 million loan and two $7.8 million loans of state and city funding, according to a report filed on the Tel Aviv Stock Exchange. The $53 million loan is due in 2047, while the two $7.8 million loans are due in 2048, and the city has agreed to reduce the building’s annual taxes by $800,000.

Property taxes on the building were $833,719 as of August, according to city records.

The money will go toward refinancing $32 million of existing debt on Noonan Plaza and renovating the property. Although the property is subject to Section 8 housing rules — an agreement that was set to expire in April, but that Gluck has extended for 20 years — the renovations would allow him to raise the rent. Renovations are expected to last for two years, and a company owned by Gluck is in contract for them.

Spencer Equity went into contract to buy the Highbridge building for $42 million from Joel Leder last fall. The property stands seven stories tall and spans 335,000 square feet.

The company, which did not respond to a request for comment, also purchased Morris Heights’ Riverview Houses in 2015 for $64 million and Academy Gardens on Commonwealth Avenue in 2016 for $67 million.

Gluck has been active in the Israeli bond market, having raised more than $150 million to date.


Related Articles

arrow_forward_ios
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

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

Chelsea landlord claims “predatory” lender is charging a crippling interest rate as punishment after losing foreclosure case
The Seagram Building at 375 Park Avenue with a photo illustration of RFR's Aby Rosen (Getty, Google, iStock)

Aby Rosen to build sprawling gym in Seagram Building

Aby Rosen to build sprawling gym in Seagram Building
(iStock)

TRD Insights: The 56 REITs whose bonds the Fed will buy

TRD Insights: The 56 REITs whose bonds the Fed will buy
Square Mile Capital’s Craig Solomon and Hackman Capital Partner's Michael Hackman with Silvercup Studios at 42-22 22nd Street in Long Island City (Hackman; AAK via Wikipedia Commons)

Hackman, Square Mile in talks to buy Silvercup Studios

Hackman, Square Mile in talks to buy Silvercup Studios
A rendering of 100 Claremont Avenue, Melissa Burch of Lendlease and Ron Moelis of L+M Development Partner (Getty, Robert A.M. Stern Architects)

L+M, Lendlease snag $250M loan for UWS tower

L+M, Lendlease snag $250M loan for UWS tower
A photo illustration of Quora CEO Adam D'Angelo from a scene in the film The Matrix (Warner Bros./Village Roadshow Pictures; Quora)

“Our HQ will be in the cloud”: What if remote-first work is an opportunity, not a compromise?

“Our HQ will be in the cloud”: What if remote-first work is an opportunity, not a compromise?
From left: 172 Madison Avenue, 100 East 53rd Street, Woolworth Tower, 53 West 53rd Street, 615 10th Avenue

Loan wolves: Bankers are stalking developers as debts come due

Loan wolves: Bankers are stalking developers as debts come due
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...