Home News Abe Leser Lands $200M Loan for Bed-Stuy Project

Abe Leser Lands $200M Loan for Bed-Stuy Project

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Ocean Hill 2440 Fulton Street (Google Maps)

Abe Lesser is shifting from Revive hospital contracts Strengthen activities for commercial development used by the city.

Leser Group has landed a $ 201.9 million construction loan for development on 2440 Fulton Street in Pinkus Co, Ocean Hill, Brooklyn. report.. UMB Bank provided two construction loans, providing a total of $ 166 million and an additional $ 35 million in refinancing loans for the project.

Leser had previously financed the project for $ 33.6 million from the Metropolitan Commercial Bank.That number essentially matches the $ 33 million Lesser Spent to acquire a commercial building From Aryeh Good of Fulton Center LLC in 2015.

Lesser Submitted plan In 2020, it will be a 325,000-square-foot commercial building with six floors and a height of 100 feet. The existing building is 110,000 sq ft, but has an additional 215,000 sq ft of air rights.

Lessers don’t have to worry too much about finding tenants in the building. In April, the city announced: Over 1,100 employees Move from DSS human resource management to the building. The agency occupies over 200,000 square feet.

There are an additional 100,000 square feet for other office and retail tenants.

I couldn’t immediately ask Lesser for comment.

The loan was recorded on public records last week, but it actually closed in early June, marking the beginning of a busy month for Lesser. That month also brought the end of the story, including a nine-digit deal for a Brooklyn medical facility that appears to be life-sustaining.

Nursing home operator Allure Group has purchased the SUNY Downstate Medical Center in Bayridge from Lesser for $ 160 million with a loan from Webster Bank. The deal appeared to be in trouble due to a dispute between Lesser and the intermediary buyer Pearl Schwartz. PearlSchwartz has flipped its deal with Allure for a profit of $ 7 million.

“It’s done and I got what I wanted,” Lesser said after the dispute was settled.

[PincusCo] — Holden Walter-Warner

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