The Real Deal New York

Brooklyn landlord gets $70M loan for Harlem mixed-use project

Haim Nortman received the loan from Israeli firm Bank Hapoalim
By Eddie Small | April 13, 2018 02:15PM

362 West 125th Street

362 West 125th Street

Brooklyn landlord Haim Nortman has landed a $70 million loan for his mixed-use project in Harlem at 362 West 125th Street, according to property records.

The loan comes from the Israeli financial institution Bank Hapoalim and includes three notes worth $40.3 million, $15.4 million and $14.25 million.

Last March, Nortman filed plans to build a 94,540-square-foot building at the site, which would replace the LaGree Baptist Church. The project would stand 12 stories tall and feature 71 apartments spread across about 73,000 square feet. The building would also have 21,500 square feet of commercial space on the first two floors.

Nortman bought the site in 2016 for $28.5 million and paid the Fata Organization $10.2 million in 2017 for 27,500 square feet of development rights at 350-360 West 125th Street.

Bank Hapoalim did not respond to a request for comment, and Nortman could not be reached.

Other Harlem projects include JCAL Development Group’s plan for a 75-unit rental building at 2395 Frederick Douglass Boulevard and Azimuth Development’s plan for a 30-unit building at 11 West 116th Street.