Starrett lands more than $77M in state loans for Coney Island resi project

Rental development will feature 200 units

TRD New York /
Dec.December 31, 2018 08:05 AM

2760 West 33rd Street in Brooklyn (Credit: Google Maps)

Starrett Corp.’s development arm has snagged roughly $77.1 million in construction financing for a 200-unit rental property in Coney Island.

The New York State Housing Finance Agency provided the loans to Starrett and the Sea Rise Housing Development Fund Corporation, according to property records.

Starrett filed plans in July to build a roughly 160,000-square-foot project on Coney Island at the corner of Neptune Avenue and West 33rd Street. The building will stand 14 stories tall and likely feature amenities including bike storage, a recreation room and a 110-space parking garage.

Starrett is also planning to build a 62-story tower on the Lower East Side at 259 Clinton Street, part of a three-building assemblage that will contain 2,775 apartments.

Coney Island is seeing a flurry of development activity. Elsewhere along Neptune Avenue, Ruby Schron’s Cammeby’s International Realty is erecting a 40-story mixed-use tower — slated to be the second-tallest building in Coney Island. And PYE Properties is converting the Coney Island Shore Theatre at 1301 Surf Avenue into a seven-story hotel.


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
Council member Laurie Cumbo  and a rendering of the Bedford-Union Armory (Getty; Bedford Armory)

Student suspended after blasting lawmaker’s pro-development stance

Student suspended after blasting lawmaker’s pro-development stance
Nightingale’s Eli Schwartz and 111 Wall Street (Credit: Google Maps)

Nightingale, Wafra seek $860M to redevelop 111 Wall Street

Nightingale, Wafra seek $860M to redevelop 111 Wall Street
(iStock)

Banks see CRE loans delinquencies hit 5-year high

Banks see CRE loans delinquencies hit 5-year high
Clockwise from left: 950 University Avenue in the Bronx, 27-55 Jackson Avenue in Queens, 149 Pioneer Street in Red Hook and 416 Metropolitan Avenue in Williamsburg (Google Maps)

EB-5 investor snags Hunters Point resi development: Mid-market sales report

EB-5 investor snags Hunters Point resi development: Mid-market sales report
30-77 Vernon Boulevard in Queens and Cape Advisors CEO Craig Wood (left) and 720 West End Avenue in Manhattan with Brack Capital Real Estate CEO Ariel Podrojski (right) (Images via Cape Advisors; Google Maps; LinkedIn)

The biggest loans of the slowest month: August’s real estate lending

The biggest loans of the slowest month: August’s real estate lending
Port Authority Bus Terminal and AECOM CEO Troy Rudd (Roger Rowlett via Wikipedia; AECOM)

“Worst place on earth” may be buried underground

“Worst place on earth” may be buried underground
arrow_forward_ios

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

Loading...