NEW YORK | 1800 Park Ave | 352 FT | 32 FLOORS

[chris08876]

Durst Organization refinances Harlem project with $95M loan

The Durst Organization is refinancing its Harlem project along Park Avenue courtesy of a $95 million loan from M&T Bank.

The Buffalo-based bank had already loaned Durst $65 million worth of debt for its roughly $91 million purchase of 1800 Park Avenue in 2016. The developer had purchased defaulted debt on the site, and cut a deal with Ian Bruce Eichner’s Continuum Company for the purchase.

The new financing from M&T provides Durst with an additional $30 million in new debt, according to property records. The money will also go toward the sites at 1801 Park Avenue, 1815 Park Avenue and 110 East 125th Street.

Durst bought 1801 Park Avenue and 110 East 125th Street in June 2017 for $18.15 million, and the company bought 1815 Park Avenue in December for $17 million. The company had no debt on its purchase of 110 East 125th Street and 1801 Park Avenue, while it financed its purchase of 1815 Park Avenue with about $9 million from a non-bank lender.

M&T led the syndication of the loan with two other lenders, according to bank spokesman Chet Bridger.

====================
TRD

[ChiND]

The long drama continues!

https://therealdeal.com/new-york/202...e-up-for-sale/

Dursts look to sell major East Harlem dev site
485x boosts project potential at 1800 Park Avenue

[NYguy]

https://www.crexi.com/properties/155...-1800-park-ave

1800 Park Avenue
Incredible 488,759 As of Right ZFA in East Harlem





Jun 11, 2024

BKREA has been retained on an exclusive basis to arrange for the sale of 1800 Park Avenue (“The Site”), a rare mixed-use development opportunity in the East Harlem neighborhood of Manhattan. The site is located on the entire westerly block front of Park Avenue between East 124th Street and East 125th Street. The site benefits from significant frontage, with 201.83’ along Park Avenue, 142.5’ facing East 124th Street, and 215’ facing East 125th Street. The site is currently demolished and has been excavated providing prospective developers with significant time and cost savings.

-Large Scale Development: The site maintains a ZFA of 488,759 with potential to increase to 682,317 through various bonus programs.

-Significant Frontage: The tremendous frontage along Park Avenue, East 124th Street and East 125th Street provide excellent light & air

-Flexible Zoning: The C4-7, 125th Street (Special District), TA* allows for both residential and commercial as of right.

-Vacant Possession: The existing structures have been demolished and the site has been excavated.

-Transferred Development Rights: Ownership purchased the neighboring TDRs allowing for an additional 127,982 ZFA.