The Real Deal New York

Bruman Realty lands $100M+ financing for DoBro development

Gold Street resi building will have 286 units
By Mary Diduch | December 27, 2018 10:00AM

A rendering of 260 Gold Street in Downtown Brooklyn (Credit: CityRealty)

Joseph Brunner and Abe Mandel’s Bruman Realty secured about $102.5 million in financing from Bank Leumi for its new 286-unit residential project in Downtown Brooklyn.

The financing includes an approximately $69.2 million building loan and a roughly $3.3 million project loan, according to new filings with New York City’s Department of Finance. Bruman Realty also refinanced a $30 million acquisition loan.

Plans were filed earlier this year to turn a parking lot at 260 Gold Street, between Tillary and Concord streets, into a 13-story, 286-unit apartment building. The project’s size is expected to total 191,000 square feet.

Solomon Feder of Velocity Framers filed the permit to construct the new building, and is a partner in the development.

Feder and Bank Leumi did not immediately return requests for comment. Bruman Realty declined to comment.

Bruman Realty acquired the site for $60 million from STA Parking Corp.

The project will join many new residential developments in Downtown Brooklyn, a few of which are now being marketed for sale. Nearby, Pink Stone Capital’s 180-unit new rental development at 180 Nassau Street hit the market earlier this month, and CBZ Management is seeking $100 million for its 110-unit building at 237 Duffield Street.