Home News Developers Close on $105M Loan to Complete 2840 Atlantic Avenue in East New York, Brooklyn

Developers Close on $105M Loan to Complete 2840 Atlantic Avenue in East New York, Brooklyn

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Moi Corp When Bushberg Successfully completed a $ 105 million construction loan 2840 Atlantic AvenueRising property East New YorkBrooklyn includes residential and affordable residential units, community spaces, low-level retail stores, and 109 parking spaces.

The project includes significant redevelopment and expansion Empire State Daily Building, A landmark building built in 1915. The building was completed by architects Theobalt Engelhardt and Otto Strack and housed the Empire State Daily Company until the mid-20th century.

Guided by Dattner ArchitectsThe work area includes the restoration of the poorly maintained façade of the building, the partial demolition of two adjacent structures, and the new 14-story residential tower placed on top of the old structure. The historic façade along Atlantic Avenue features modern windows from the Empire State Daily Company, pin-mounted. Signs, reconstructed piers and pediments on the roof, and a new rooftop mechanical system.

The new tower above the historic building features a dark brown and gray brick facade and multiple retreats for a large residential terrace.

Rendering of Empire State Dairy Buildings (Dattner Architects)

The housing component is reported to consist of 335 apartments, including a combination of studios up to 3 bedroom units. The project team has not disclosed how many of these apartments will be designated as affordable homes or the income limits imposed on these units.

“Bushberg is a great development partner who shares our commitment to provide best-in-class real estate,” said Joseph Moi Nian, Founder and Chief Executive Officer of Moi Corp. “Bushberg has the same passion and vision for the emerging markets of New York, properly purchased and built. We look forward to realizing this project and will discuss future developments in Brooklyn and elsewhere. , Aspiring to work with Bushberg again. “

Construction loans were provided by Valley Bank and Cross River Bank. The Moinian Group has provided additional priority equity to fund construction.

Leasing of residential components is expected to begin in the first quarter of 2024.

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