Goldman Sachs Makes $97M in Construction Financing For Harlem Multifamily Building
Elie Fouerti’s Fouerti Realty purchased the property in 2021 for $4.1 million
By Brian Pascus June 28, 2024 1:05 pm
reprints
Elie Fouerti’s Fouerti Realty development firm has secured $97 million in construction financing to build a 209-unit residential development in East Harlem, New York.
PincusCO first reported the deal.
Goldman Sachs (GS) provided the construction loan, which was broken up into a $78.9 million senior loan and an $18 million subordinate loan, according to property records. No broker is listed on the transaction.
Located at 205 East 110th Street, directly off Third Avenue, the new building being constructed by Foureti is expected to span 181,287 square feet. Brooklyn-based Fouerti – who runs his firm with his brother Albert Fouerti — bought the building from Gary Katz’s AK Property Group in November 2021 for $4.1 million, according to property records.
The Fouerti brothers subsequently filed plans to demolish the existing building — a two-story car repair garage leased by long-term tenant, Prestige Automotive — in 2023. The Real Deal reported in 2022 that Sergey Rybak’s Rybak Development is a partner on the project and that the original plans called for a 91-unit, 15-story mixed-use residential building; those plans were scuttled after Prestige Automotive filed a complaint in September 2022, accusing Fouerti and Rybak of harassment and attempting to drive it out of the last remaining occupied piece of two parcels of land the group had purchased.
Today those two parcels have been combined into the single building plan now envisioned by Fouerti’s firm. The developers resolved the complaint with Prestige Automotive by April 2023 and received approval from the Department of Buildings for demolition last year, according to PincusCo.
Fouerti Realty did not respond to requests for comment.
Brian Pascus can be reached at bpascus@commercialobserver.com
