Residential
New York
Bistricer snags massive tax break for crumbling Flatbush Gardens
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David Bistricer lands another $430M for Greenpoint development
Clipper Equity’s Tower 77 topped out in the fall
David Bistricer picked up another big financing deal in Brooklyn.
Bistricer’s Clipper Equity landed a $430 million loan from JPMorgan Chase for its three-building multifamily complex known as Tower 77, the Commercial Observer reported.
The loan at 77 Commercial Street in Greenpoint retires a $386 million construction loan obtained weeks into the pandemic. That debt was provided by the Bank of China and SL Green.
The latest balance sheet loan was negotiated by Galaxy Capital’s Henry Bodek. JPMorgan and Clipper both declined to comment to the publication.
Clipper has been chipping away at Tower 77 for more than a decade, but it is accepting applications after topping out construction last year. The housing lottery for the 230 affordable units began in September.
The 799,000-square-foot property, unfurling along the East River, was designed by CentraRuddy Architecture. There are 766 units, including the affordable ones, as well as 40,000 square feet of amenities, such as a pool, a sauna, a fitness center, a tennis court, a game room and a pet spa.
SL Green provided Bistricer a $70 million loan when he acquired the site with his then-partner Joseph Chetrit for $25 million in 2012. Seven years later, Bistricer bought Chetrit out of the project.
Bistricer’s firm has already landed financing in Brooklyn this year, last month securing more than $300 million for its Bedford Square project in Flatbush. The four-building project will stretch across three city blocks and include 877 units, 30 percent of which will be designated for those earning up to 130 percent of the area median income.
The Borough Park-based Clipper also received a tax exemption worth an estimated $191 million over 40 years at Flatbush Gardens, a development featuring nearly 2,500 rent-stabilized units in East Flatbush that had almost 3,000 housing code violations at the time the exemption was secured last year.
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Commercial
New York
Bistricer lands $386M construction loan for Greenpoint project
Development
New York
Clipper Equity secures $300M for Flatbush project