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Bistricer snags massive tax break for crumbling Flatbush Gardens
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Clipper Equity secures $300M for Flatbush project
Four-building redevelopment of historic Sears to include 877 units
Clipper Equity’s David Bistricer along with 2201 Beverly Road in Flatbush (Getty, Clipper Equity, Google Maps)
David Bistricer has put more financing in place for its redevelopment of a historic Sears building in Brooklyn.
Clipper Equity has secured more than $300 million to construct Bedford Square in Flatbush, Crain’s reported. The four-building project will stretch across three city blocks, geared around the famed Sears Roebuck & Co. department store building at the corner of Bedford Avenue and Beverly Road, which is vacant.
Clipper declined to provide information about the source of the financing, but previously reported releases and public records have identified some other players involved.
Slate Property Group last month provided $140 million in construction financing for a 354-unit building at 2366 Bedford Avenue. Valley National Bank handed Clipper $105 million in construction financing for the 296-unit project at 2201 Beverly Road, according to PincusCo.
Other sites featured in the development include 2363 Bedford Avenue and 158 Lott Street. In total, the four buildings will include 877 units, 30 percent of which will be set aside for those earning up to 130 percent of the area median income.
Bistricer purchased the site two years ago for $90 million. Construction is expected to cost $430 million and wrap in 2026. S.Wieder Architect is the architect.
The project may include a commercial component, such as a grocery store, charter school or medical office. Residents will have access to amenities including a co-working space, a gym, a yoga studio, a pet spa, outdoor green space with dog runs, basketball courts and tennis courts.
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Bistricer snags massive tax break for crumbling Flatbush Gardens
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The landmarked Sears closed in 2021. Eleanor Roosevelt famously spoke at the store’s opening in November 1932, her last public appearance before her husband was elected president of the United States.
Borough Park-based Clipper last year received a tax exemption worth an estimated $191 million over 40 years at Flatbush Gardens, a development featuring nearly 2,500 rent-stabilized units in East Flatbush that had almost 3,000 housing code violations at the time.