Bring out your debt: Brooklyn diocese gets $52M loan from cemetery

Loan is for 500 19th Street in Windsor Terrace

New York /
Jun.June 26, 2018 12:50 PM

500 19th Street (Credit: Google Maps and Pixabay)

UPDATED, 3:03 p.m. June 28: Lenders sometimes come from unexpected places. A cemetery in Queens has loaned $52 million to the Roman Catholic Diocese of Brooklyn for 500 19th Street, according to public records. The Windsor Terrace address is home to the Brooklyn Urban Garden Charter School.

The Rocklyn Ecclesiastical Corp., which serves as the real estate arm for the Roman Catholic Diocese of Brooklyn, received the loan, according to Department of Finance records. The money came from Saint John’s Cemetery, a Catholic burial ground located at 80-01 Metropolitan Avenue in Middle Village that is also under the purview of the Diocese of Brooklyn.

Representatives from the school and diocese did not immediately respond to requests for comment.

Windsor Terrace has seen a pair of major deals so far this year: the sale of Sentinel Real Estate Corporation’s building at 31 Ocean Parkway to Frey Management for $33.7 million and the sale of JEMB Realty’s building at 72 Caton Place to the Carlyle Group for $23 million.

Correction: An earlier version of this story misidentified the Brooklyn Urban Garden Charter School as the recipient of the loan.

Related Articles

arrow_forward_ios
(iStock/Illustration by Alexis Manrodt for The Real Deal)
Manhattan job losses in Q3 worst of any large county in the US
Manhattan job losses in Q3 worst of any large county in the US
Rudin Management's Bill Rudin, 1675 Broadway and Gannett CEO Mike Reed (Getty, Google Maps, Gannett)
Gannett to move its NYC office two blocks north
Gannett to move its NYC office two blocks north
A rendering of the facility at 1029 Newark Avenue in Elizabeth, Fidelco chairman Marc Berson and Elberon Development Group chairman Ann Evans Estabrook (Photos via JLL, Fidelco and Elberon)
Cold storage facility in New Jersey gets $34M loan
Cold storage facility in New Jersey gets $34M loan
Silverstein Properties' Larry Silverstein and Phase I of the Denizen Bushwick at 54 Noll Street (Getty, Google Maps/Illustration by Kevin Rebong for The Real Deal)
Silverstein offers to buy half of All Year’s Bushwick rental complex
Silverstein offers to buy half of All Year’s Bushwick rental complex
HSBC COO John Hinshaw (Getty, iStock)
HSBC to shrink its office footprint amid shift to WFH
HSBC to shrink its office footprint amid shift to WFH
SL Green CEO Marc Holliday, 625 Madison Avenue and Ashkenazy Acquisition CEO Ben Ashkenazy (Photos via SL Green, Google Maps/Illustration by Kevin Rebong for The Real Deal)
SL Green, Ben Ashkenazy duke it out over Madison Avenue office
SL Green, Ben Ashkenazy duke it out over Madison Avenue office
Heritage Equity Partners' Toby Moskovits and the Williamsburg Hotel at 96 Wythe Avenue (Moskovits via Sasha Maslov; Hotel via Williamsburg Hotel)
Toby Moskovits’ Williamsburg Hotel enters bankruptcy
Toby Moskovits’ Williamsburg Hotel enters bankruptcy
Softbank CEO Masayoshi Son and Adam Neumann (Getty/Illustration by Kevin Rebong for The Real Deal)
Adam Neumann, SoftBank near settlement agreement
Adam Neumann, SoftBank near settlement agreement
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...