This Week’s N.Y. Deal Sheet: Continuum Lands $205M For Condo Project

Big leases and sales took a breather this past week, but a major development project steps from the Empire State Building landed more than $200M in construction financing.

TOP FINANCING DEALS

Ian Bruce Eichner’s Continuum Co. has landed $205M worth of loans, split into a senior and a mezzanine sum, for a condo project on the site of a former church in Murray Hill. Kriss Capital provided a $180M senior loan and Klirmark Capital provided a $25M mezzanine loan, The Real Deal reported.

The closed site of the Community Church of New York, which has addresses at 40 E. 35th St. and 26 E. 35th St., is slated to become a 173K SF, 137-unit building by early 2027. The 18-story project will also include medical offices on its ground floor and parking. The Community Church sold the property to Continuum in 2022 when it was facing bankruptcy. Cole Schotz helped structure the debt and sale of the property, which closed in conjunction with the loan, Eichner told TRD.