Brookfield scores $438M for Mott Haven megadevelopment

Developer secured major assist from Apollo on 4.3-acre spread dubbed “Bankside”

New York /
Mar.March 17, 2022 05:00 PM

Brookfield Properties Jan Sucharda and Apollo Global Management’s Marc Rowan (Brookfield Properties, Bankside NYC)

Brookfield Properties secured a tsunami of funding from Apollo Global Management for its waterside development in the South Bronx.

The real estate developer received $438 million to build a 982,000-square-foot, mixed-use building at 101 Lincoln Avenue in Mott Haven, according to city records. The building will provide 921 units spread across 25 stories.

The overall development, which Brookfield is calling Bankside, will cover 4.3 acres and supply more than 1,350 apartments, 30 percent of which will be earmarked as affordable. It will include a public park along the Harlem River and 15,000 square feet of retail space.

The new loan from Apollo consolidates an existing $69.5 million mortgage and adds another $66 million to it, on top of $303 million in fresh funds. Apollo acquired the mortgage on the property from HSBC.

Mott Haven, one of the poorest neighborhoods in New York, has seen a boom in development in recent years as developers seek out less expensive land within reach of Manhattan. They’ve been helped along by a series of rezonings by consecutive mayoral administrations.

The neighborhood is set to receive about 20 residential projects with more than 5,000 apartments in the coming years, the New York Times reported in October.

Representatives for Brookfield and Apollo confirmed the numbers but declined to comment further on the partnership.





    Related Articles

    arrow_forward_ios
    1065-1075 Gerard Avenue in the Bronx 
    Prana pays Related $36M in Bronx multifamily play
    Prana pays Related $36M in Bronx multifamily play
    448 East 143rd Street in the Bronx (Credit: Google Maps)
    Private developer’s NYCHA project in Mott Haven lands $79M in financing
    Private developer’s NYCHA project in Mott Haven lands $79M in financing
    1159 and 1184 River Avenue with Maddd Equities' Jorge Madruga (left) and Joy Construction's Eli Weiss (right) (Credit: Google Maps)
    Maddd Equities, Joy Construction score $64M for massive Bronx project
    Maddd Equities, Joy Construction score $64M for massive Bronx project
    Amy Schumer and 19 Cranberry Street in Brooklyn Heights (Zillow, Getty Images)
    No joke: Amy Schumer strikes deal for “Moonstruck” home
    No joke: Amy Schumer strikes deal for “Moonstruck” home
    CoStar's Andy Florance and REBNY’s James Whelan (Getty, iStock)
    REBNY, CoStar launch Citysnap listing portal
    REBNY, CoStar launch Citysnap listing portal
    Stake co-founders Rowland Hobbs and Jimmy Jacobson (LinkedIn, iStock)
    Pay rent, make bank: Stake pioneers cash rewards for renters
    Pay rent, make bank: Stake pioneers cash rewards for renters
    Carlton Hobbs with 60 East 93rd Street (Getty, Google Maps)
    One of NYC’s widest townhouses sells for $53M
    One of NYC’s widest townhouses sells for $53M
    From left: Jon Bon Jovi, CAA co-founder Michael Ovitz and 155 West 11th Street (Getty Images, Compass Real Estate, iStock)
    Ovitz revealed as Bon Jovi’s Greenwich Village condo buyer
    Ovitz revealed as Bon Jovi’s Greenwich Village condo buyer
    arrow_forward_ios

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

    Loading...