The Real Deal New York

Steiner looking for $300M to build residential tower in Brooklyn

Funding from 80/20 program may have fallen through
July 11, 2014 08:30AM

Doug Steiner wants more Brooklyn action.

Steiner’s firm, Steiner NYC, is looking for $300 million in construction financing to build a residential rental building at Flatbush Avenue and Schermerhorn Street, according to the New York Observer.

In 2011, Steiner NYC bought four parcels — including 350 Livingston Street — in Brooklyn for $30 million. In prior interviews, Steiner said he planned to build a 52-story, 720-unit tower there for roughly $350 million.

The Steiner family planned to invest $100 million in the project in 2012, while Steiner would fund the rest of the project through the city’s 80/20 program. The 80/20 program requires at least 20 percent of the units to be affordable. It looks like that funding fell through, however, because Steiner is now looking to raise capital with representation by Jones Lang LaSalle. [NYO] — Claire Moses