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.

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