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

MassMutual is the lender

TRD New York /
Sep.September 14, 2018 01:30 PM

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.

Related Articles

With a cooling trade war, stocks perform well, including real estate. (Credit: iStock)

Real estate stocks push up this week as U.S.-China trade tensions ease

416 West 25th Street and Maverick Real Estate Partners principal David Aviram (Credit: Google Maps and LinkedIn)

Chelsea landlord claims “predatory” lender is charging a crippling interest rate as punishment after losing foreclosure case

Renderings of 130-02 South Conduit Avenue and Triangle Equities’ Joshua Weingarten (Credit: Terminal Logistics)

Triangle Equities lands $87M loan for massive JFK warehouse project

From left: 172 Madison Avenue, 100 East 53rd Street, Woolworth Tower, 53 West 53rd Street, 615 10th Avenue

Loan wolves: Bankers are stalking developers as debts come due

State Sen. Julia Salazar and Assembly member Harvey Epstein proposed the tax this month in an effort to disincentivize real estate speculation (Credit: iStock, Getty Images)

Experts take issue with proposed tax on mezzanine loans

Brookfield's largest-ever $15B property fund has invested in properties from New York (666 Fifth Avenue) to Bangalore (the Leela Palace hotel) (Credit: Brookfield, Getty Images, Leela)

Real estate fundraising hits lowest level since 2013

Some investors continue to find U.S. commercial real estate as attractive places to park their capital (Credit: iStock)

Brexits and Bubbles: How investors view Europe’s shaky real estate market

45-10 19th Avenue in Long Island City (Credit: Google Maps)

Broadway Stages plans another Queens film studio