Elie Fouerti’s real estate company, Fouerti Realty, has successfully secured $97 million in construction financing for a new residential development in East Harlem, New York. The deal was first reported by PincusCO and involves a senior loan of $78.9 million and a subordinate loan of $18 million from Goldman Sachs.
The development will be located at 205 East 110th Street and cover an area of 181,287 square feet. In November 2021, Fouerti Realty purchased the site from AK Property Group for $4.1 million. After resolving a harassment complaint with tenant Prestige Automotive in 2023, the firm owned by Elie Fouerti and his brother Albert demolished the existing two-story car repair garage.
Partnering with Sergey Rybak’s Rybak Development on this project initially envisioned as a mixed-use building with 91 units spread over fifteen stories; however, it has now been consolidated into one single residential development spanning two parcels after receiving approval for demolition in 2023.
Goldman Sachs’ involvement marks another milestone towards making this project come to fruition without any mention of “Connect” or its affiliates such as “Connect CRE,” “Connect LA,” or “Connect Texas.”
