Clipper Equity, Chetrit land $99M loan for “haunted” Brooklyn resi complex

Greystone is the lender at 123-125 Parkside

TRD New York /
Nov.November 16, 2018 02:30 PM

David Bistricer and 123 Parkside Avenue (Credit: Studio Scrivo (Bistricer), Pixabay, Wikipedia, and Google Maps)

Clipper Equity and the Chetrit Group landed a $98.9 million loan for the Parkside Brooklyn residential complex in Prospect Park South.

The new debt replaces a $38 million TD Bank mortgage issued last March. The lender for the new loan is Virginia firm Greystone Servicing Corporation, which provided a $21.4 million gap mortgage.

The property, which features two buildings at 123 and 125 Parkside Avenue, sits mid-block between Parade and St. Paul Place across from Prospect Park. The building at 123 Parkside spans 166,600 square feet. Previously known as 123 on the Park, it stands seven stories tall and contains 131 apartments, according to city data. Meanwhile, the 125 Park building, which has an alternate address of 45 Woodruff Avenue, is an eight-story building that spans 169,400 square feet. it contains 131 residential units, records show.

The luxury rental complex was built on the former location of the Caledonian Hospital. Since opening in 2014, the 123 Parkside property has been a rich source of ghost stories in the area. A 2015 New Yorker article outlined accounts of motion sensor lights turning on in unoccupied hallways and doors opening and closing at random. According to a report from the New York Post, the turnover for doormen was high on account of the building “being a messed up place to work.” Tenants previously considered pushing for a rent break on account of the ghosts.

Clipper Equity, a publicly traded REIT that specializes in New York rental properties, and the Chetrit Group, also jointly own Gramercy Square, a luxury residential property built at the former site of the Cabrini Medical Center. Clipper did not immediately respond to requests for comment. Earlier this month, The Real Deal broke down its deregulation strategy at its various holdings in Manhattan and Brooklyn.


Related Articles

arrow_forward_ios
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

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

Chelsea landlord claims “predatory” lender is charging a crippling interest rate as punishment after losing foreclosure case
Mayor Bill de Blasio and Gov. Andrew Cuomo (Getty, Paul Dilakian)

Despite looting, NYC reopening on track: Cuomo

Despite looting, NYC reopening on track: Cuomo
Photo illustration of GDSNY CEO Michael Kirchmann, Klövern CEO Rutger Arnhult and 417 Park Avenue (Google Maps, iStock)

Klövern, GDS finance 417 Park Ave with $100M in Swedish bonds

Klövern, GDS finance 417 Park Ave with $100M in Swedish bonds
(Photos by Sylvia Varnham O'Regan, Getty)

After looting, BIDs reverse guidance on boarding up stores

After looting, BIDs reverse guidance on boarding up stores
“5 years ago, people would say, what’s a TikTok?” Bill Rudin on why NYC’s office market may be more resilient than you think

“5 years ago, people would say, what’s a TikTok?” Bill Rudin on why NYC’s office market may be more resilient than you think

“5 years ago, people would say, what’s a TikTok?” Bill Rudin on why NYC’s office market may be more resilient than you think
Clockwise from bottom left: Robert Reffkin of Compass, John Gomes, Scott Rechler of RXR Realty, Rich Barton of Zillow, Gary Keller of Keller Williams and Don Peebles of The Peebles Corporation (Getty)

“America is in crisis:” Real estate leaders address George Floyd protests

“America is in crisis:” Real estate leaders address George Floyd protests
A mass timber project in Cleveland is now under construction and could be the nation’s tallest when completed. Harbor Bay Real Estate Advisors’ Intro development will rise nine stories with 298 residential units (Credit: Harbor Bay Real Estate Advisors)

Mass timber project in Cleveland could be nation’s tallest

Mass timber project in Cleveland could be nation’s tallest
arrow_forward_ios

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

Loading...