Durst Organization refinances Harlem project with $95M loan

Loan comes from M&T Bank

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

arrow_forward_ios
The New York Life Sciences and Biotechnology Center at First Avenue and 41st Street (NY Life Sciences)
Life sciences leasing breaks annual record in five months
Life sciences leasing breaks annual record in five months
The commercial market was hit hard by the pandemic, and property tax revenue is expected to fall 5 percent. (iStock)
Tax bills show how much Covid devalued NYC real estate
Tax bills show how much Covid devalued NYC real estate
Richard Segal of Seavest Investment Group, David Marx of Marx Development Group and 902 Quentin Road in Brooklyn (Photos via Seavest Investment Group, Marx Development Group and VRMNY)
Westchester firm buys $54M Brooklyn medical building
Westchester firm buys $54M Brooklyn medical building
Real Estate EFTs See Investment Amid Pandemic Recovery
Why investors are rushing into real estate ETFs
Why investors are rushing into real estate ETFs
Manhattan sublease surge shows signs of slowing
Manhattan sublease scourge finally abates
Manhattan sublease scourge finally abates
Blooma founder Shayne Skaff (LinkedIn, iStock)
CRE fintech startup Blooma nabs $15M in funding
CRE fintech startup Blooma nabs $15M in funding
Distressed real estate investors are digging through commercial mortgage-backed securities to seize, fix and flip troubled properties. (iStock)
Distressed investors tap throwback strategy, target CMBS
Distressed investors tap throwback strategy, target CMBS
President Joe Biden (Getty, iStock)
What Joe Biden’s infrastructure plan holds for real estate
What Joe Biden’s infrastructure plan holds for real estate
arrow_forward_ios

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

Loading...