Muss Development lands $49M loan from partner at 1501 Voorhies Avenue

TRD New York /
May.May 19, 2017 11:05 AM

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 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 millionOn 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.

Elsewhere in Brooklyn, Muss recently refinanced a 667-key Marriott Hotel downtown and with partner Bedrock Real Estate Partners acquired a 118-unit rental building in Clinton Hill.

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.
(To view more Muss Development properties, click here)

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