Isaac Herskovitz closes on $53M loan for Bronx building

ECB Capital Group arranged the financing for 1749 Grand Concourse

Feb.February 05, 2018 02:53 PM

1749 Grand Concourse (Credit: Google Maps)

Prolific multifamily landlord Isaac Herskovitz has closed on a $53 million loan for the mixed-use building at 1749 Grand Concourse in the Bronx.

The 13-story building contains 278 residential apartments, retail space and a penthouse used by the New York City Housing Authority.

Lakewood, New Jersey-based ECB Capital Group arranged the financing, the company told The Real Deal.

Herskovitz, who owns a swath of multifamily buildings in Brooklyn, Upper Manhattan and the Bronx, purchased 1749 Grand Concourse from Azure Partners in May 2015 for $49.5 million with a $37 million loan from Bank United. Azure had purchased it for $35 million in 2013 from Irving Langer’s E&M Associates.

Lightstone Group recently signed a contract to buy the Bronx portion of a 350-unit, seven-building portfolio for about $50 million, and a group of investors led by Ben and Joe Soleimani is in contract to buy a 15-building portfolio in the Bronx from Isaac Kassirer and Harbor Group International for $65 million.

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