Madison Realty Capital has provided a $50 million mortgage for a condominium project in Brooklyn’s Broadway Triangle, the firm announced on Wednesday.
The money is for developer Abraham Brach’s project, addressed at 58 and 66 Gerry Street and 25 and 33 Bartlett Street. The property includes a nearly finished condo project with two adjacent seven-story buildings and ground-floor retail, an office building spanning about 7,500 square feet and a vacant residential development site. Brach is developing the project with Parkview Management.
Madison’s financing will be used to retire the existing debt on the development, finish work on the condo project and cover all development costs. Galaxy Capital brokered the deal.
The condo project at 58 Gerry Street and 25 Bartlett Street will feature 41 units across about 80,000 square feet. It will also include 21 parking spots and nearly 13,000 square feet of retail on the ground floor and cellar. Construction should be done by the end of the year.
The property features a 10,000-square-foot vacant lot at 66 Gerry Street as well, which could house another residential project.
Brach could not be reached for comment.
The site was the last remaining piece of Pfizer’s former headquarters, and Brach bought it more than two years ago for about $27.5 million. Parkview’s Juda Klein previously described the development to The Real Deal as “upscale religious housing” for the Orthodox Jewish community.
Brooklyn’s Broadway Triangle will also be home to a controversial eight-building development from Simon Dushinsky and Isaac Rabinowitz’s Rabsky Group. Several community groups had sued over the project, saying the market-rate apartments it would bring would discriminate against people of color, but the suit was dismissed last year.