Bistricer lands $79M loan for Williamsburg multifamily project

143-unit building was approved just before pandemic hit

New York /
May.May 20, 2021 10:45 AM
A rendering for 118 Hope Street and Clipper Equity’s David Bistricer (Photos via Clipper Equity)

A rendering for 118 Hope Street and Clipper Equity’s David Bistricer (Bistricer via Clipper Equity)

Clipper Equity’s David Bistricer has landed a $79 million construction loan for a 143-unit residential building project in Williamsburg.

Bistricer told The Real Deal that construction for the seven-story rental apartment building at 118 Hope Street has recently begun. The de Blasio administration approved the plans in early March 2020, just days before the city went into lockdown.

Construction is scheduled to be completed in 24 months, Bistricer said.

The lender was Bank Leumi, and the Bank of Princeton also participated in the deal, sources said.

Leah Paskus’ Landstone Capital Group arranged the financing. Landstone declined to comment.

A Bistricer limited liability company dubbed Hope-Keap Owner acquired the vacant lot at the southwest corner of Hope and Keap streets in January 2020. The deed listed the transaction price as zero, but property records filed for transfer taxes around the same time show the transaction was valued at $24.7 million.

The year of delay in construction might not have hurt Bistricer as much as it normally would, as the number of new leases in New York City’s rental market plummeted after the onset of the pandemic.

In recent months, however, the tide has shifted, and the number of leases is now rising. But Brooklyn’s median rent in April was still 16 percent lower than it was a year ago, according to a Douglas Elliman report.





    Related Articles

    arrow_forward_ios
    611 St. Johns Place, Brooklyn, NY (Getty)
    Workforce Housing Group solar deal will also pay for broadband
    Workforce Housing Group solar deal will also pay for broadband
    The $8.9 million Mill Basin property (Bergen Basin Realty)
    Massive Mill Basin townhouse tops Brooklyn contracts
    Massive Mill Basin townhouse tops Brooklyn contracts
    Renderings of Greenpoint Landing in Greenpoint, 141 Willoughby Street in Downtown Brooklyn and 45-57 Davis Street in Long Island City (Photos via OMA, SLCE Architects and J Frankl Architects)
    These were the top outer-borough loans in May
    These were the top outer-borough loans in May
    Richard Segal of Seavest Investment Group, David Marx of Marx Development Group and 902 Quentin Road in Brooklyn (Photos via Seavest Investment Group, Marx Development Group and VRMNY)
    Westchester firm buys $54M Brooklyn medical building
    Westchester firm buys $54M Brooklyn medical building
    688 and 702 Court Street, Brooklyn with Madison Capital managing partner Richard Wagman (Google Maps, Madison Capital)
    Madison Capital snatches up Red Hook industrial sites for $45M
    Madison Capital snatches up Red Hook industrial sites for $45M
    85 Jay Street (Winick, iStock)
    An $8M Dumbo condo tops Brooklyn’s luxury contracts
    An $8M Dumbo condo tops Brooklyn’s luxury contracts
    149 Clinton Street (Google Maps, iStock)
    Brooklyn’s priciest rental will run you $30,000
    Brooklyn’s priciest rental will run you $30,000
    Brad Lander (Getty, iStock)
    Tenants, advocates, pols launch campaign against Greenbrook Partners
    Tenants, advocates, pols launch campaign against Greenbrook Partners
    arrow_forward_ios

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

    Loading...