Brooklyn saw large real estate finance deals increase 20% from July to August to a total of $ 1.18 billion.
Of the top 10 Outer Borough loans measured by dollar volume, nine of them were issued for properties in Brooklyn and one in Queens. Behind these loans were mainly multi-family and hotel properties or projects.
Here is the full list:
1) Multifamily Greenpoint | Brooklyn | $ 400 million
Brookfield Property Partners obtained this construction loan for its residential development at the Greenpoint Landing project in Greenpoint. A trio of residential buildings – a 30-story, 303-unit building at 227 West Street; a 40-story, 335-unit building at 1 Eagle Street and a seven-story, 108-unit building at 27 Eagle Street – are currently under construction on the land along the East River. Yimby said 30 percent of the 746 units will be reserved for affordable housing. The buildings at 227 West Street and 27 Eagle Street will together have approximately 8,000 square feet of retail space. The lender was an entity owned by Blackstone Mortgage Trust.
2) On loan at condos | Brooklyn | $ 193.83 million
The Hudson companies have secured this condo inventory loan for 76 condo units at 1 Clinton Street in Brooklyn Heights. The 38-story, 134-unit residential tower was built on the former Brooklyn Heights Library site at the corner of Clinton Street and Camden Plaza West. When finished, the library will open its new installation at the base. The lender was an entity owned by GDSNY, a Manhattan-based development company headed by Michael Kirchmann and Alan Rudikoff.
3) Refi for Bossert | Brooklyn | $ 112 million
The Chetrit Group landed this refinancing deal for the Hotel Bossert building at 98 Montague Street in downtown Brooklyn. The loan was issued by Wells Fargo, replacing the same amount of debt issued by Cantor Commercial Real Estate Lending in 2019. The long-delayed project to reopen the 280-unit hotel – formerly known as Brooklyn’s Waldorf Astoria – has been discussed. for nearly a decade, since the Chetrit Group and David Bistrier of Clipper Equity acquired it from the Watchtower in 2012.
4) Loan for office condo | Brooklyn | $ 106 million
60 Builders, a New York-based property management and investment firm, has secured this loan to acquire a 186,000 square foot office condominium at 12 MetroTech Center in downtown Brooklyn from Brookfield Property Partners. The $ 128 million sale – which works out to about $ 688 per square foot – closed on Aug. 10, according to property records. The lender was Starwood Property Trust.
5) Build Moxy | Brooklyn | $ 68 million
Lightstone secured this loan for its project to develop a 216-room hotel at 361 Bedford Avenue in Williamsburg. The lender was G4 Capital Partners. The 12-story building is currently under construction and will be called Marriott International’s Moxy. The establishment includes a fitness center, coworking spaces and outdoor terraces, as well as a bar and café. Brownstoner reported that the building was completed in late August.
6) Ready for clean slate | Brooklyn | $ 64 million
Slate Property Group secured the loan to buy back the 541-555 Fourth Avenue stake in Park Slope from AEW and Adam Americas, valuing the property at $ 86 million, The Real Deal reported. The 11-story building has 134 units, including 99 accommodation units operated by Women In Need, also known as Win, a non-profit organization run by former City Council President Christine Quinn. The remaining 35 units are affordable housing. UBS Bank granted the loan.
7) Refi for multifamily | Brooklyn | $ 62 million
Slate Property Group obtained this refinancing loan for its multi-family building located at 325 Lafayette Avenue in Clinton Hill. The lending entity was owned by Cerberus Capital Management. The eight-story, 116-unit rental apartment building was built on a site that once housed a Key Foods supermarket, owned by the Gross and Grobman families. Supermarket owners and Slate have formed a joint venture to build this rental property, which opened in 2018.
8) Refi for luxury rental | Queens | $ 58.5 million
Tech entrepreneur David Lubinitsky landed this refi for a luxury rental apartment building at 12-15 Broadway in Astoria. The lender was Bank of Hope. In 2014, Lubinitsky purchased the property from developer Criterion Group for $ 88.5 million. Less than two years later, he unsuccessfully marketed the property for sale at an asking price of around $ 135 million, according to Crain’s. Earlier this year, the Lubinitsky-owned entity behind the apartment building was named as one of the defendants in three tenant lawsuits alleging landlords were defrauding the 421a program by overcharging tenants. Lubinitsky’s motion to dismiss the case was recently dismissed by State Supreme Court Judge Denis Butler in Queens and the owner filed the notice of appeal of the decision.
9) Allure of luxury? | Brooklyn | $ 56.33 million
An entity backed by the Allure group secured this loan for a one acre piece of land on Cropsey Avenue in the Bath Beach neighborhood. The lender was Dwight Capital. The property does not have a number, but it is located next to the King David Center for Nursing and Rehabilitation complex of the Allure Group. The company led by Joel Landau plans to build a 30-story, 243-unit mixed-use tower on the site, providing approximately 28,000 square feet of community space. The Allure Group, which became known for the Rivington House scandal, have owned the property since 2014, when the nursing home chain purchased a portfolio of six plots on Cropsey Avenue from Sephardic Home for The Aged for 30, $ 12 million.
10) Refi to live by the sea | Brooklyn | $ 55.53 million
Ryback Development has secured this refinancing loan for Sea Breeze Tower at 271 Sea Breeze Avenue in Coney Island. The developer recently completed this 20-storey, 112-unit mixed-use building. According to the property’s website, it is fully leased. The lender was MF1 Capital.
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