An eyesore for ages, Gravesend project site gets $71M refi

Alexander Gurevich once owned the site

Jan.January 31, 2020 04:12 PM
Renderings of 2300 Cropsey Avenue in Brooklyn (Credit: W&L Group)

Renderings of 2300 Cropsey Avenue in Brooklyn (Credit: W&L Group)

The developer behind a 23-story Gravesend project, which sits on a development site that has remained blighted for over a decade, secured a new financing deal.

An entity tied to Thomas Wang’s W&L Group landed $71 million for 2300 Cropsey Avenue, property records filed Friday show. The development site, which previously held a nursing home, sits near the Brooklyn waterfront.

G4 Capital Partners, which has offices in New York and Roslyn, N.Y., refinanced the developer’s acquisition loan and provided around $66 million in project and building loans.

W&L did not immediately return a request for comment. G4’s Jason Behfarin said the deal was his firm’s first with the developer. “We are thrilled to finance this project, which will provide an attractive entry point to the residential market,” he said.

The Flushing-based developer acquired the site in 2014 for a little over $19 million. The company filed plans for a ground-up, mixed-use building, with 154 apartments, soon after. It’s not immediately clear if the units will be rentals or condominiums.

The project will also have community space and parking, according to plans for the site.

The property was previously owned by Alexander Gurevich, the Russian developer who in 2010 was hit with a three-year ban from selling condominium and cooperative units in New York State.

Gurevich had planned to replace the six-story building there with his own development. But after defaulting on a nearly $17 million loan, provided in 2007 by Lehman Brothers and later assigned to Swedbank, the site eventually was put on the market.

The site was once home to the Haym Salomon Home for Nursing and Rehabilitation, which relocated to 2340 Cropsey Avenue.

Write to Mary Diduch at [email protected]

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