Elad Group signs $37.3M condo inventory loan with Kriss Capital for eight units at 1 WEA

Elad Group through the entity Riverside Center Site 5 Owner LLC as borrower signed a refi condo inventory loan with lender Kriss Capital through the entity One West End Financing Limited Partnership valued at $37.3 million for eight condos (SC) at 1 West End Avenue in Lincoln Square, Manhattan.
The deal closed on June 14, 2021 and was recorded on June 30, 2021.
The eight properties have 26,115 square feet according to PincusCo analysis of city data. The loan price per built square foot is $1,428 per the PincusCo analysis.
The signatory for Elad Group was Yoel Shargian. The signatory for Kriss Capital was Michael Friedman.
(121333342)The DOB issued a new construction (NB) initial temporary certificate of occupancy for the building with 361 residential units on July 29, 2020.
The prior loan for $52.8 million inventory loan covered 24 properties. The new loan covers eight properties and includes $20 million in new debt. TradedNY reported the lender was Jody Kriss’s Kriss Capital.
There was a condominium project filed with the address 1 West End Avenue and the name One West End Avenue Condominium on September 5, 2014. The principals of the sponsor, Riverside Center Site 5 Owner Llc, were Orly Daniell and Martin Burger. link
Within a 400-foot radius of 1 West End Avenue, PincusCo identified two commercial real estate items of interests occurred over the past 24 months.
One of those two items was a sale which 100 Freedom Place South I LLC bought one condo unit in the 143,566-square-foot, 374-unit mixed-use building (RM) on 1 West End Avenue for $6.8 million from Elad Group and Silverstein Properties on November 23, 2020.
One of those two items was a loan which Greg Manocherian borrowed $5.6 million from Citibank secured by one condo unit in the 143,566-square-foot, 374-unit mixed-use building (RM) on 1 West End Avenue on February 16, 2021.

Direct link to Acris document. link