The Real Deal New York

Doug Steiner secures financing for Brooklyn resi tower

Developer and studio mogul to build one of borough's tallest resi towers at 333 Schermerhorn

February 05, 2015 04:24PM
By Claire Moses

From left: a rendering for 333 Schermerhorn and Douglas Steiner

From left: a rendering for 333 Schermerhorn Street and Douglas Steiner

UPDATED, 12:05 p.m., Feb. 6: Steiner Studio NYC’s Doug Steiner secured a roughly $300 million loan from Bank of America to build his 54-story residential tower in Brooklyn, according to public records filed with the city today.

Steiner is developing a residential a building at Flatbush Avenue and Schermerhorn Street. He applied for a permit application in 2012 to build the 519,000-square-foot residential skyscraper. Dattner Architects are the architect of record.

In July, Steiner’s funding for the proposed skyscraper at 333 Schermerhorn Street reportedly fell through and he used JLL to look for funding. In 2012, the Steiner family had planned to invest $100 million in the $350 million project. The remainder of the cost would be funded through the city’s 80/20 program.

Excavation at The Hub, located at 333 Schermerhorn, started in November 2014. The news was first reported by the Mortgage Observer, which reports the total loan size at $390 million, from both Bank of America and Apollo Management.

Steiner bought the four parcels where he is constructing this project in 2011 for $30 million. When completed in 2017, the tower will stand 577 feet tall and be one of the tallest residential skyscrapers in the borough. Brooklyn’s reigning tower is the Stahl Organization’s 53-story 388 Bridge Street, which is 590 feet tall. AvalonBay’s Avalon Willoughby West in Downtown Brooklyn will eventually rise to 57 stories. JDS Development Group and the Chetrit Group are planning a 775-foot-tall at 340 Flatbush Ave. Ext.

Correction: A previous version of this story incorrectly stated the height of 333 Schermerhorn Street. It will rise to 54 stories.

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