Madison buys note for Sheepshead Bay condo

The Breakers development
The Breakers development

Madison Realty Capital has acquired a $23.5 million note in default for the Breakers, a waterfront condominium development in Sheepshead Bay, Brooklyn, GlobeSt. reported.

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The loan, to Brooklyn developer Jacob Pinson, is secured by 49 unsold units at the 75-unit development at 3112-3144 Emmons Avenue, GlobeSt. said. According to previous reports, the entity that owns the building Emmons-Sheepshead Bay Development LLC filed for Chapter 11 bankruptcy protection in federal court in Brooklyn on August 30.

Units for sale at the Breakers range in price from $389,000 to $1.37 million, GlobeSt. said. [GlobeSt.] –Guelda Voien