Queens-based builder Muss Development borrowed $48.8 million for its 28-story residential project at 1501 Voorhies Avenue in Brooklyn, records filed with city Friday show. The lender is the publicly-traded AvalonBay Communities, which is also a co-developer of what would be Sheepshead Bay’s tallest building.
Muss Development lands $49M loan from partner at 1501 Voorhies Avenue
Muss and Avalon filed construction plans for the 250-unit building in 2014. Last year they filed an application with the New York State Attorney General’s office to make 56 of those units condominiums, with a total target sellout price of $63 million. On Thursday, Muss launched sales for the condo units, with one-bedroom units starting at $525,000, Curbed reported. The 331-foot building is branded as “1 Brooklyn Bay” and would span 275,000 square feet, including 15,000 square feet of commercial space.
A representative for Muss Development did not immediately return a request for comment.
AvalonBay, an active rental developer, is pushing forward with an 1,100-unit rental tower in East Harlem, following a thumbs up from the local community board. The project still needs a rezoning to be approved by the City Council.
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