Blumenfeld Development Group lands $235M refi for East Harlem retail center

Money comes from ING Real Estate Finance

TRD NEW YORK /
May.May 13, 2019 01:31 PM
East River Plaza and Blumenfeld Development Group principal David Blumenfeld (Credit: Wikipedia and Blumenfeld Development Group)

East River Plaza and Blumenfeld Development Group principal David Blumenfeld (Credit: Wikipedia and Blumenfeld Development Group)

Blumenfeld Development Group has received a $235 million refinancing package for East River Plaza, its massive retail project on the East Harlem waterfront.

The money comes from ING Real Estate Finance for a quartet of sites with addresses at 505 East 116th Street, 545 East 116th Street, 509 East 117th Street and 520 East 117th Street, according to property records filed with the city Monday.

ING and Blumenfeld did not immediately respond to requests for comment.

East River Plaza spans 500,000 square feet and includes a parking garage with 1,250 spaces. Blumenfeld bought the site in 1996, and tenants include Costco and Target.

Other Blumenfeld retail properties include 99-01 Queens Boulevard in Rego Park, which it purchased in 2016 for $31.2 million, and the Hunts Point Mall, which Blumenfeld became the sole owner of in 2016 after buying Prusik Group’s stake for $35.6 million.


Related Articles

arrow_forward_ios
With a cooling trade war, stocks perform well, including real estate. (Credit: iStock)

Real estate stocks push up this week as U.S.-China trade tensions ease

416 West 25th Street and Maverick Real Estate Partners principal David Aviram (Credit: Google Maps and LinkedIn)

Chelsea landlord claims “predatory” lender is charging a crippling interest rate as punishment after losing foreclosure case

Angel Oak Cos. CEO Michael Fierman and Flagstar Bancorp Inc. CEO Alessandro DiNello (Credit: Angel Oak, Flagstar, iStock)

Mortgage market dries up for unconventional home loans

US Steel’s sprawling South Works site is about the size of Downtown Chicago. At left, Common, who wants to partner with developers on a mixed-use entertainment district there, and Dan McCaffery, whose vision for a 13,000-home community fizzled out. (Credit: Common by Paras Griffin/Getty Images; McCaffery via McCaffery Interests; aerial by Cushman & Wakefield)

South Works, the 415-acre “magnificent property,” is Chicago’s biggest development opportunity

A WeWork office (Credit: Alex Tai/SOPA Images/LightRocket via Getty Images)

WeWork offers rent discounts as incentive to secure long-term leases

Gary Barnett, Central Park Tower, and the Tel Aviv Stock Exchange Bull (Credit: Wikipedia, iStock)

Extell’s Israeli bonds put on downgrade watch

RCP CEO Richard O’Toole and Related CFO David Zussman (Credit: O’Toole via Westchester Magazine and Zussman via Related)

Related tries to calm Israeli investors after market panic

Apollo Commercial Real Estate Finance CEO Stuart Rothstein and RedSky Capital principal Benjamin Bernstein (Credit: Apollo and ICSC)

Brooklyn development’s $150M loan falls into default

arrow_forward_ios
Loading...