Durst Organization refinances Harlem project with $95M loan

Loan comes from M&T Bank

TRD New York /
Aug.August 24, 2018 05:00 PM

Douglas Durst and a rendering of 1800 Park Avenue

The Durst Organization is refinancing its Harlem project along Park Avenue courtesy of a $95 million loan from M&T Bank.

The Buffalo-based bank had already loaned Durst $65 million worth of debt for its roughly $91 million purchase of 1800 Park Avenue in 2016. The developer had purchased defaulted debt on the site, and cut a deal with Ian Bruce Eichner’s Continuum Company for the purchase.

The new financing from M&T provides Durst with an additional $30 million in new debt, according to property records.  The money will also go toward the sites at 1801 Park Avenue, 1815 Park Avenue and 110 East 125th Street.

Durst bought 1801 Park Avenue and 110 East 125th Street in June 2017 for $18.15 million, and the company bought 1815 Park Avenue in December for $17 million. The company had no debt on its purchase of 110 East 125th Street and 1801 Park Avenue, while it financed its purchase of 1815 Park Avenue with about $9 million from a non-bank lender.

M&T led the syndication of the loan with two other lenders, according to bank spokesman Chet Bridger.

Durst Organization spokesman Jordan Barowitz confirmed the financing, and said the company is still planning what to do with the site. Douglas Durst previously told the New York Post that the project will feature a “significant amount of affordable housing.”

The company is also working on a pair of large projects in Queens. Its Hallets Point development will span 2.4 million square feet with 2,400 residential units when completed, and its Clock Tower project in Long Island City will feature a 710-foot tall tower with 958 apartments.

Related Articles

An example of roll-off waste management (Credit: YouTube, iStock)

Big building owners prevent city from dumping container-pickup in trash-collection reform

The architect claims the design, construction and marketing of the tower rips off the design of a tower he planned and modeled for his thesis

Lawsuit over WTC design is whittled down

“I can talk about erections all day”: NAR tech consultant’s bizarre fireside chat

Durst Organization chairman Douglas Durst in a coworking space

Durst Ready: Developer to launch flexible office space arm

Council member Vanessa Gibson (Credit: New York City Council)

Commercial landlords face new fines as City Council passes anti-harassment bill

The MTA says it has the funding to extend the Second Avenue Subway to East Harlem, and the real estate industry is thrilled. (Credit: Getty, iStock)

Developers see dollar signs in Second Avenue subway extension

As House begins impeachment inquiry, here’s what we know about Trump’s Ukraine-real estate ties

Embattled Prodigy Network CEO Rodrigo Niño to step down