The Real Deal New York

Brause, partners land $110M refi for new LIC luxury tower

MassMutual is the lender
By Konrad Putzier | September 14, 2018 01:30PM

David Brause and The Forge at 44-28 Purves Street in Long Island City (Credit: Facebook and renttheforge)

UPDATED, Sep. 14, 3:36 p.m.: The Forge, a new luxury rental tower in Long Island City, just landed a $110 million loan.

Brause Realty, Gotham Organization and an investor group including ABS Partners’ Earle Altman and Gregg Schenker refinanced 44-28 Purves Street in Long Island City with a mortgage from Massachusetts Mutual Life Insurance Company, according property records filed with the city Friday.

Cushman & Wakefield’s Gideon Gil, Alexander Hernandez and Noble Carpenter brokered the deal. The new mortgage replaces a $105 million construction loan from M&T Bank and Bank of New York Mellon that closed in 2015.

Current listings at the 38-story, 272-unit building are asking between $2,584 and $3,551 per month, according to StreetEasy. Brause paid $17.6 million for the site in a foreclosure auction in 2013.