The Real Deal New York

Developer Joel Schwartz lands $47M in financing for 133-unit W’burg rental

Seven-story building coming to Borinquen Place
By Dusica Sue Malesevic | April 05, 2016 01:50PM

Rendering of 125 Borinquen Place in Williamsburg (credit: De-Jan Lu Architects)

Rendering of 125 Borinquen Place in Williamsburg (credit: De-Jan Lu Architects via New York YIMBY)

Developer Joel Schwartz secured $47.4 million in construction loans for a 133-unit rental building at 125 Borinquen Place in Williamsburg, according to property records filed with the city Monday.

Centennial Bank provided Schwartz with a $46.9 million building loan and a $566,395 project loan for the new building, records show.

In 2013, Schwartz filed plans for the seven-story building, which will have 89,860 square feet of residential space and 438 square feet of retail on the ground floor, New York YIMBY reported. Architect De-Jan Lu is designing the building, records show.

The Williamsburg-based developer purchased the site, which is a triangular corner along South 2nd and Rodney streets near the Brooklyn Queens Expressway, for an undisclosed amount in 2013.

Schwartz, who was not immediately available for comment, also developed a Greenpoint rental building called the Viridian in the late 2000s. He filed for Chapter 11 bankruptcy protection after sales failed to take off. The 130-unit building then traded hands multiple times, most recently when World Wide Group acquired it for $103 million — the priciest deal for a residential building in Greenpoint history.