Bruman Realty lands $100M+ financing for DoBro development

Gold Street resi building will have 286 units

TRD New York /
Dec.December 27, 2018 10:00 AM

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.

Related Articles


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

TF Cornerstone president Frederick Elghanayan and 595 Dean Street (Credit: CityRealty, Google Maps)

TF Cornerstone’s Prospect Heights two-tower project unveiled

Joel Schreiber (Credit: Shir Stein and Wikipedia)

WeWork’s first investor used his stock as collateral. Now his lenders are suing him

Long Island City, Queens (Credit: iStock)

Queens sale prices set record despite signs of trouble

239 Banker Street and, from left: Workable City's Sara Willard, Rabina Properties' Josh Rabina and Workable City's Adam Heller

Workable City, Rabina Properties pick up Greenpoint loft complex for $33M

California passes landmark rent control law

Clockwise from top left: 2-34 Beach 102nd Street in Far Rockaway, 175 Canal Street West in Mott Haven, 102 Fulton Street, and 71 Smith Street in Boerum Hill (Credit: Google Maps and StreetEasy)

Here’s what the $10M-$30M NYC investment sales market looked like last week