Abraham Brach, Parkview Management land $50M loan for Williamsburg condo project

Madison Realty Capital issued the financing for Broadway Triangle development

TRD New York /
May.May 22, 2019 05:30 PM
Madison Realty Capital's Josh Zegen and the Broadway Triangle (Credit: Google Maps)

Madison Realty Capital’s Josh Zegen and the Broadway Triangle (Credit: Google Maps)

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.


Related Articles

arrow_forward_ios
Mayor Bill de Blasio (Getty, Wikimedia)

Landlords challenge city laws protecting non-paying businesses

Landlords challenge city laws protecting non-paying businesses
From left: G.H. Palmer's Geoffrey Palme, RFR Holdings' Aby Rosen, Macklowe Properties' Harry Macklowe, Thor Equities' Joseph Sitt and Ellicott Development's Carl Paladino (Getty, iStock)

Harry Macklowe, Aby Rosen and Joe Sitt among 6,500+ developers, landlords who got PPP bucks

Harry Macklowe, Aby Rosen and Joe Sitt among 6,500+ developers, landlords who got PPP bucks
Photo illustration of Ryan Serhant and  22-43 Jackson Avenue (Getty, Trader Joe's) 

Trader Joe’s to open in LIC early next year

Trader Joe’s to open in LIC early next year
Shawn Mobley (left), is being replaced by Andrew McDonald (right) as CEO of the Americas at Cushman

Shakeup at Cushman: Mobley out, McDonald promoted

Shakeup at Cushman: Mobley out, McDonald promoted
(iStock)

To survive, NYC retailers are treating average Joe’s like they’re rich

To survive, NYC retailers are treating average Joe’s like they’re rich
The financing deal comes after AMC theaters have been shuttered for months due to the coronavirus pandemic. (iStock)

AMC nears deal to avoid bankruptcy

AMC nears deal to avoid bankruptcy
CIM Group’s Shaul Kuba, Knotel's Amol Sarva, Related Group’s Jorge Pérez and The Agency’s Mauricio Umansky (Getty, Sarva by Sasha Maslov, iStock)

These real estate companies got fat PPP loans

These real estate companies got fat PPP loans
Federal Reserve Chairman Jerome Powell (Getty)

Real estate stocks benefit from second quarter rally

Real estate stocks benefit from second quarter rally
arrow_forward_ios

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

Loading...