Fouerti Realty, led by Elie Fouerti and his brother Albert, has successfully secured $97 million in construction financing for a 209-unit residential development in East Harlem, New York. The deal was recently reported by PincusCO and involves a senior loan of $78.9 million and a subordinate loan of $18 million from Goldman Sachs.
Located at 205 East 110th Street, the new building will cover an area of 181,287 square feet. In November 2021, Fouerti Realty acquired the site from AK Property Group’s Gary Katz for $4.1 million after resolving a harassment complaint with tenant Prestige Automotive. Following this acquisition, the firm demolished the existing two-story car repair garage in early-2023.
Partnering with Sergey Rybak’s Rybak Development on this project initially envisioned as a mixed-use building comprising of 91 units across fifteen stories; however,the current plan consolidates two parcels into one residential development instead.The necessary approvals were granted in mid-2023 to pave way for construction to begin.
The article titled “Goldman Sachs Provides $97M in Construction Financing for Harlem MF Building” originally appeared on Connect CRE website.
