search

The Real Deal Logo

Trending

99 Cents closures to open 3.8M sf of retail opportunities in SoCal 99 Cents closures to open 3.8M sf of retail opportunities in SoCal NYCB loan defaults surge 400% as rent-stabilized buildings bleedNYCB loan defaults surge 400% as rent-stabilized buildings bleedMohamed Hadid files for bankruptcy on Beverly Hills lot, owing $55M to creditorsMohamed Hadid files for bankruptcy on Beverly Hills lot, owing $55M to creditorsNaftali unveils sprawling $600M Williamsburg Wharf “urban resort”Naftali unveils sprawling $600M Williamsburg Wharf “urban resort”
Popular
New York

Isaac Herskovitz closes on $53M loan for Bronx building

ECB Capital Group arranged the financing for 1749 Grand Concourse

1749 Grand Concourse (Credit: Google Maps)
1749 Grand Concourse (Credit: Google Maps)

Prolific multifamily landlord Isaac Herskovitz has closed on a $53 million loan for the mixed-use building at 1749 Grand Concourse in the Bronx.

The 13-story building contains 278 residential apartments, retail space and a penthouse used by the New York City Housing Authority.

Sign Up for the undefined Newsletter

Lakewood, New Jersey-based ECB Capital Group arranged the financing, the company told The Real Deal.

Herskovitz, who owns a swath of multifamily buildings in Brooklyn, Upper Manhattan and the Bronx, purchased 1749 Grand Concourse from Azure Partners in May 2015 for $49.5 million with a $37 million loan from Bank United. Azure had purchased it for $35 million in 2013 from Irving Langer’s E&M Associates.

Lightstone Group recently signed a contract to buy the Bronx portion of a 350-unit, seven-building portfolio for about $50 million, and a group of investors led by Ben and Joe Soleimani is in contract to buy a 15-building portfolio in the Bronx from Isaac Kassirer and Harbor Group International for $65 million.