IDB Bank Lends $37M Package for Einhorn’s Central Park North Apartment Project
By Mack Burke September 26, 2018 2:12 pm
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Israel Discount Bank of New York (IDB Bank) provided Einhorn Development Group with a nearly $37 million debt package to fund the construction of a planned apartment tower at Central Park North in Harlem, according to records filed today with the New York City Department of Finance.
The new financing package comprises a $28.8 million building loan and a $2.1 million project loan, records show and the lender also assumed $6 million in previous senior financing. The deal closed Sept. 21. Also with the deal, $6.1 million in previous acquisition financing supplied to Einhorn by Oliver Lending Group was assigned to IDB Bank, records show.
Einhorn, recently rebranded as Grid Group, has planned to erect a 13-story, 55,854-square-foot building with 36 apartments at 145 West 110th Street in Harlem, according to permits filed Aug. 16 and first reported by The Real Deal. Peter Gluck has been tapped to design the building.
The lot is just over 7,000 square feet and includes just under 43,000 square feet of development space, according to PropertyShark.
The location is the former site of a New York United Sabbath Day Adventist Church, which moved to 17 West 128th Street in 2013. Emmut Properties bought the site from the church in June 2013 for just over $11 million, records show. Just a few months later in October 2013, Emmut sold the site to Einhorn for $16.5 million, a nearly $5 million profit.
Yiannes Einhorn of Einhorn Development did not immediately respond to inquiries. An official at IDB Bank could not immediately be reached.
