Brooklyn North Capital, RiverBrook land $46M loan for Kips Bay condo project

Developers plan 11-story development at 165-169 Lexington Avenue

TRD New York /
Dec.December 05, 2018 10:30 AM

165-169 Lexington Avenue

UPDATED, Dec. 5, 12:50 p.m.: Brooklyn North Capital and RiverBrook Equities secured a $46 million acquisition and construction loan for their Kips Bay condo building project.

S3 Capital Group provided the financing for the planned development at 165-169 Lexington Avenue. The partners will build an 11-story condominium on the 58,628-square-foot, three-lot assemblage.

Eastern Union Funding’s Michael Muller and Moshe Lipschitz brokered the mortgage, part of which funded the recent $8.3 million acquisition of 165 Lexington Avenue.

The project, designed by Issac & Stern Architects, will include 43 apartments and 2,860 square feet of commercial space. The developers plan to start construction this month and finish the project in March 2020.

In 2016, Brooklyn North a 14-story hotel at 38-15 9th Street in Long Island City but ended up selling the site to Sam Chang.

S3 Capital recently financed Cheskel Schwimmer’s South Bronx project with a $75 million loan.

Eastern Union is one of the city’s most active debt brokerage firms and arranged 435 mortgages in the five boroughs last year, according to The Real Deal’s latest ranking.

Correction: This post has been updated to clarify that Brooklyn North sold 38-15 9th Street to Sam Chang. 


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

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

Pope Francis (Credit: WIkipedia, iStock)

Unholy real estate strategy: Catholic churches shuffle properties to shield billions from sex abuse victims, report says

arrow_forward_ios
Loading...