Toby Moskovits’ Heritage Equity Partners lined up a $70 million loan to finance construction of a boutique office building in Brooklyn — the borough’s first speculative office building since the 1920s.
The eight-story building, to be located at 25 Kent Avenue in North Williamsburg, will take up an entire city block between North 12th and North 13 streets between Kent and Wythe avenues, according to Crain’s. Brooklyn-based developer Simon Dushinsky of the Rabsky Group is also a partner in the project.
“Many more companies that have offices in Manhattan are looking to take space in hip locations for offices or subsidiaries that are involved in digital and creative work,” David Falk, president of brokerage firm Newmark Grubb Knight Frank’s New York office told Crain’s. “By opening up in a place like Williamsburg, there’s a message that they’re communicating about who they are that immediately comes across as progressive and forward-thinking.”
Madison Realty Capital supplied the loan for Heritage’s building, which is being constructed without a tenant in hand.
Last week, Heritage, which has been active in the neighborhood, secured a $40 million loan for a hotel in Williamsburg. [Crain’s] — Claire Moses