HAP Investments East Harlem Portfolio Goes Back to Lender

Eran Polack’s troubled HAP Investments lost control of three Harlem rental buildings and his firm appears to have shuttered entirely.

The commercial real estate lender Ladder Capital, which was owed roughly $69 million, submitted $1 million credit bids for each of the buildings at 2211 Third Avenue, 329 Pleasant Avenue and 2338 Second Avenue at an auction last month. The trio of multifamily properties was part of HAP’s once-ambitious push into Upper Manhattan. The foreclosure sale was first reported by PincusCo.

The foreclosure adds to the mounting troubles for HAP. Hundreds of Israeli investors lost a collective $70 million after Madison Realty Capital seized control in 2024 of the developer’s failed HAP Seven condominium project at 4452 Broadway in Washington Heights. HAP founders Nir Amsel, Amir Hasid and Polack later informed investors that the property was officially transferred to Madison following Chapter 11 proceedings in state court, according to Ynetnews.

Now HAP’s website appears to be down and the phone number affiliated with the business has been disconnected. All of the New York properties listed on its website in November appear to have been sold or lost to foreclosure.

A few years ago, HAP was marketing the three Harlem rentals — along with another property — for a combined $130 million. In 2019, listing broker James Nelson of Avison Young said most of the portfolio’s 171 newly built apartments were free-market units. Two of the buildings include affordable housing, while the 30-unit property at 2338 Second Avenue was slated to receive a 421a tax abatement upon completion.

The debt dates back to a $64 million loan originated in December 2021 by Allegiant Capital Funding and later assigned to an entity tied to Ladder. The lender moved to foreclose in 2024, alleging the loan had gone into default with $60.9 million in unpaid principal, plus interest.

In its state Supreme Court complaint, the lender said Polack and an affiliated entity are listed as guarantors and could face recourse for certain losses.

In addition to HAP’s website and phone being down, Polack now lists himself as CEO of HAP Construction on LinkedIn. He did not respond to multiple requests for comment. Attorneys for Ladder also did not respond.