Elad Group signs $77.4M refi with Starwood for 26 unsold condo units in Lenox Hill

Elad Group through the entity El Ad East 74 LLC as borrower signed a refi loan with lender Starwood Property Trust through the entity Starwood Property Mortgage Sub-23-A, L.L.C. valued at $77.4 million for 26 unsold condominium units at the 42-unit project at 201 East 74th Street in Lenox Hill, Manhattan.
The deal closed on August 15, 2025 and was recorded on August 25, 2025. The prior lender was Valley National Bank which provided a construction loan in 2023 that had an original loan amount of $140.3 million.
The condo number is CD230034.
The signatory for Elad Group was Orly Daniell . The signatory for Starwood Property Trust was Joseph Rothenberg .

The block

On the tax block of 201 East 74th Street, PincusCo has identified the owners of 16 of the 26 commercial properties representing 114,673 square feet of the 207,883 square feet. The largest owner is Premier Equities, followed by Elad Group and then Reda Holdings.
On the tax block, there were two new building construction projects totaling 209,439 square feet. The largest is a 42-unit, 111,870 square-foot residential (R-2) building submitted by Elad Group and filed by Sara Rubenstein with plans filed March 7, 2018 and permitted January 29, 2024.

The majority, or 51 percent of the 207,883 square feet of built space are walkup buildings, with elevator buildings next occupying 38 percent of the space.

The borrower

The PincusCo database currently indicates that Elad Group owned at least five commercial properties with 51 residential units in New York City with 169,234 square feet and a city-determined market value of $45.6 million. (Market value is typically about 50% of actual value.) The portfolio has $532.6 million in debt, with top three lenders as Lionheart Strategic Management, Valley National Bank, and G4 Capital Partners respectively. Within the portfolio, the bulk, or 95 percent of the 169,234 square feet of built space are office properties, with retail properties next occupying 3 percent of the space. They are all located in Manhattan.

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