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

4650 Broadway (Credit: Google Maps)

Inwood site goes for twice what seller paid last year

WeWork co-CEOs Artie Minson and Sebastian Gunningham

WeWork under pressure as losses soar to $1.25B

195 Broadway and L&L Holding's David Levinson and Robert Lapidus (Credit: Google Maps and L&L Holding)

L&L, Safehold lock in $592M in financing for Downtown building

Tore Steen, CEO of CrowdStreet (Credit: iStock)

CrowdStreet lands $12M in financing, hires execs

A rendering of the The Epic in Dallas, Texas and Westdale CEO Joe Beard (Credit: Westdale, Wikipedia)

No panic: Westdale mulls $50M Series B bond raise in Tel Aviv

(Credit: iStock)

S&P hits another record, but real estate stocks don’t follow suit

arrow_forward_ios