Leumi to finance Katan Brooklyn project

Katan Development is redeveloping the historic Eberhard Faber Pencil Factory in Greenpoint.

Bank Leumi (TASE: LUMI) will finance a $49 million Brooklyn residential project by Katan Development LLC, owned by Isaac Katan. The company is planning a 93-unit waterfront project in Greenpoint in Eberhard Faber Pencil Factory, which will be preserved and renovated. Two adjacent buildings will be demolished and an apartment block will be built in their place.

The Eberhard Faber Pencil Factory is one of Brooklyn’s landmarks, located in the old industrial zone and shipyards. The New York Landmarks Preservation Commission slated the factory for preservation as part of the redevelopment. Katan Development is a major developer in Brooklyn with a number projects, with 4,000 apartments altogether, in the borough.

Katan predicts a boom for luxury apartments in New York as the baby boomers retire and seek to enjoy the city’s thriving atmosphere during their golden years.

Published by Globes [online], Israel business news - www.globes.co.il - on August 15, 2007

© Copyright of Globes Publisher Itonut (1983) Ltd. 2007

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