Brooklyn saw sizable real estate financing deals roar back up 20 percent from July to an August total of $1.18 billion.
Out of top 10 outer-borough loans measured in dollar volume, nine of them were issued for properties in Brooklyn, and one in Queens. Behind those loans were mostly multifamily and hotel properties or projects.
Here is the complete list:
1) Greenpoint multifamily | Brooklyn | $400 million
Brookfield Property Partners secured this construction loan for its residential development at the Greenpoint Landing project in Greenpoint. A trio of residential buildings — a 30-story, 303-unit building at 227 West Street; a 40-story, 335-unit building at 1 Eagle Street and a seven-story, 108-unit building at 27 Eagle Street — are currently under construction on the lot along the East River. Yimby reported 30 percent of the 746 units will be set aside as affordable housing. The buildings at 227 West Street and 27 Eagle Street will together have about 8,000 square feet of commercial space. The lender was an entity owned by Blackstone Mortgage Trust.
2) On loan to condos | Brooklyn | $193.83 million
The Hudson Companies landed this condo inventory loan for 76 condo units at 1 Clinton Street in Brooklyn Heights. The 38-story, 134-unit residential tower was built on the former site of the Brooklyn Heights Library, at the corner of Clinton Street and Camden Plaza West. Once completed, the library will open its new facility at the base. The lender was an entity owned by GDSNY, a Manhattan-based development company led by Michael Kirchmann and Alan Rudikoff.
3) Refi for Bossert | Brooklyn | $112 million
The Chetrit Group landed this refinancing deal for the Hotel Bossert building at 98 Montague Street in Downtown Brooklyn. The loan was issued by Wells Fargo, replacing the same amount of debt package issued by Cantor Commercial Real Estate Lending in 2019. The long-delayed project to reopen the 280-unit hotel — once known as the Waldorf Astoria of Brooklyn — has been discussed for nearly a decade, since the Chetrit Group and Clipper Equity’s David Bistricer acquired it from the Watchtower in 2012.
4) Loan for office condo | Brooklyn | $106 million
60 Builders, a New York City-based real estate investment and management firm, landed this loan to acquire a 186,000-square-foot office condominium at 12 MetroTech Center in Downtown Brooklyn from Brookfield Property Partners. The $128 million sale — which comes down to about $688 per square foot — was closed on Aug. 10, according to property records. The lender was Starwood Property Trust.
5) Building Moxy | Brooklyn | $68 million
Lightstone landed this loan for its project to develop a 216-room hotel at 361 Bedford Avenue in Williamsburg. The lender was G4 Capital Partners. The 12-story building is currently under construction and will be branded as Marriott International’s Moxy. Amenities include a fitness center, co-working spaces and outdoor terraces, along with a bar and cafe. Brownstoner reported that the building topped off in late August.
6) Loan for clean Slate | Brooklyn | $64 million
Slate Property Group secured this loan to buy out the stake for 541-555 Fourth Avenue in Park Slope from AEW and Adam Americas, valuing the property at $86 million, The Real Deal reported. The 11-story building has 134 units, including 99 shelter units operated by Women In Need, also known as Win, a nonprofit led by former City Council Speaker Christine Quinn. The remaining 35 units are affordable housing. UBS Bank provided the loan.
7) Refi for multifamily | Brooklyn | $62 million
Slate Property Group secured this refinancing loan for its multifamily building at 325 Lafayette Avenue in Clinton Hill. The lender entity was owned by Cerberus Capital Management. The eight-story, 116-unit rental apartment building was built on a site that formerly housed a Key Foods supermarket, owned by the Gross and Grobman families. The supermarket owners and Slate formed a joint venture to build this rental apartment building, which opened in 2018.
8) Refi for luxury rental | Queens | $58.5 million
Tech entrepreneur David Lubinitsky landed this refi for a luxury rental apartment building at 12-15 Broadway in Astoria. The lender was Bank of Hope. In 2014, Lubinitsky purchased the property from developer Criterion Group for $88.5 million. Less than two years later, he unsuccessfully marketed the property for sale with the asking price of about $135 million, according to Crain’s. Earlier this year, the Lubinitsky-owned entity behind the apartment building was named as one of the defendants in three lawsuits filed by tenants, alleging landlords were defrauding the 421a program by overcharging tenants. Lubinitsky’s motion to dismiss the case was recently denied by state Supreme Court Justice Denis Butler in Queens and the landlord filed the notice to appeal the decision.
9) Allure of luxury? | Brooklyn | $56.33 million
An entity backed by the Allure Group landed this loan for a one-acre lot on Cropsey Avenue in the Bath Beach neighborhood. The lender was Dwight Capital. The property has no number, but it’s next to the Allure Group’s King David Center for Nursing and Rehabilitation complex. The Joel Landau-led company plans to build a 30-story, 243-unit mixed-use tower on the site, featuring about 28,000 square feet of community space. The Allure Group, which became known for the Rivington House scandal, has owned the property since 2014, when the nursing home chain bought a six-parcel portfolio on Cropsey Avenue from the Sephardic Home for The Aged for $30.12 million.
10) Refi for oceanfront living | Brooklyn | $55.53 million
Ryback Development secured this refinancing loan for Sea Breeze Tower at 271 Sea Breeze Avenue on Coney Island. The developer recently completed this 20-story, 112-unit mixed-use building. According to the property’s website, it’s fully leased. The lender was MF1 Capital.
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