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

Money comes from ING Real Estate Finance

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.

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