The Real Deal New York

Catsimatidis’s Red Apple Group secures $155M in loans for Myrtle Ave. project

Tower at 86 Fleet Place to rise 32 stories
By Claire Moses | April 14, 2015 01:36PM

John Catsimatidis’ Red Apple Group secured $155 million in loans for its development at 86 Fleet Place in Brooklyn, according to property records filed with the city today.

Bank of America provided a $137 million building loan and a $18 million project loan.

Catsimatidis filed plans for the 32-story tower — part of a four-building development by Red Apple on Myrtle Avenue in Brooklyn — in September.

The Goldstein, Hill and West-designed building is slated to stand 346 feet tall, with 400 apartments and retail space across nearly 400,000 square feet.

In a prior interview with The Real Deal, Catsimatidis called the neighborhood a “win-win area.”

Red Apple is also developing the Andrea at 218 Myrtle Avenue, 81 Fleet Place and 180 Myrtle Avenue, all located across from MetroTech Center.