Discount Investment Corp

Discount Investment Corp, the parent company of Property Building Corp (PBC), is set to raise at least $400 million in Israel through corporate bonds to buy and pay off its debt on 10 Bryant Avenue in Manhattan. PBC, led by Eli Elefant, purchased the tower for $330 million in 2010 and spent over $100 million on renovations. The funds will allow PBC to own the building without any debt, providing flexibility for improvements without lender consent. HSBC, the anchor tenant, is set to vacate next year. The tower, now called 10 Bryant, was listed in 2021 but was withdrawn from sale when Innovo Property Group’s deal to buy it for $855 million fell through. PBC secured a refinance loan from JPMorgan in 2022, but the building’s appraised value has since dropped to $650 million.