Connect News Commercial Real Estate news for every market and every facet, every day.
Connect CRE Events Live and virtual events bringing together the best of information and networking.
CRE Industry Events Live industry events.
Connect Creative A full service marketing and PR agency.
Connect Classroom Offering CRE focused continuing education courses on demand.
ApartmentBuildings.com Is a dynamic platform to search for, list and promote multifamily listings nationwide.
Connect Awards View the A-list of commercial real estate & submit nominations.
Connect Media Kit Advertise, Promote, Attend, Create – Work with Connect.
Loantuitive Find the right lender for your loan.
About Connect Meet the team behind the machine and taste a little of the secret sauce.
Connect News

Your source for daily news covering CRE transactions and trends. Stay informed on national, regional and property sector news that matters to your business.

Connect Classroom

Offering on-demand online courses that provide continuing education credits for brokers, attorneys, appraisers and architects. Select from easily accessible video and written courses that cover a variety of CRE topics.

Find Your Course

STAY INFORMED

News when you need it. All our Breaking News, right to your inbox.

Sub Markets

Property Sectors

Topics

New York & Tri-State CRE News In Your Inbox.

Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.

New York & Tri-State  + Uptown/Bronx  + Finance  |  June 28, 2024
Emily Fu
By: Emily Fu

Goldman Sachs Provides $97M in Construction Financing for Harlem MF Building 

Elie Fouerti’s Fouerti Realty has secured $97 million in construction financing for a 209-unit residential development in East Harlem, New York. The deal, first reported by PincusCO, involves a $78.9 million senior loan and an $18 million subordinate loan from Goldman Sachs.  

The new building, located at 205 East 110th Street, will span 181,287 square feet. Fouerti Realty purchased the site from Gary Katz’s AK Property Group in November 2021 for $4.1 million. The firm, run by Elie Fouerti and his brother Albert, demolished the existing two-story car repair garage in 2023 after resolving a harassment complaint with tenant Prestige Automotive. 

Sergey Rybak’s Rybak Development is a partner on the project, initially envisioned as a 91-unit, 15-story mixed-use building. The current plan consolidates two parcels into a single residential development. Approval for demolition was granted in 2023, paving the way for construction. 

Connect

Inside The Story

About Emily Fu

Emily Fu is Content Director of Connect Commercial Real Estate, where she covers the east coast markets, including New York, Boston & New England, and DC & Mid-Atlantic markets. She produces daily news stories as well as longer-form content, ranging from Q&As to thought-leadership pieces. She also writes feature stories for Connect Money. With previous stints at Reuters, Seeking Alpha, and Commercial Observer, Emily has covered the finance side of the commercial real estate industry, technology, media, telecom (TMT), and fashion. She attended the Columbia Graduate School of Journalism and currently resides in Manhattan.
Order Reprints
  • ◦Financing