Bruce Eichner hasn’t been so lucky in the past, especially on the eve of the housing bust in 2008, when he defaulted to the tune of $3.9 billion on a Las Vegas casino. Could his luck change with his proposed condo tower on East 22nd street and a 670 unit rental apartment complex in East Harlem? Eichner said he was lucky that at least he has made it back, and told Crains New York, “I’m appreciative that the gods served up another chance for me.”
His property at 1800 Park Avenue on East 125th st., funded with a loan from the Bank of China to the tune of $200 million is one that Vornado realty couldn’t seem to make work. Goldman Sachs, Dune Capital and Fortress loaned Eichner $420 million for the tower condo on 45 E 22nd st, and he is depending on strong demand. He cites the fact that Goldman Sachs “has a pretty good idea of what it is doing” as a sign the project is likely to work, but it is not the people making the loans that actually have to get it off the ground.
The 125th st. property is across from the elevated station and has been “vacant for decades, and is one of the most glaring reminders of blight, ” according to Crains. However, Eichner compared it to Williamsburg ten years ago, when no one even imagined the skyrocketing property values in the area. Basically, Eichner is counting an on a major revival in the area, and the building of a Whole Foods might be a sign, but hopefully one he will be able to take to the bank.