Kings County reigned supreme in July as lenders poured billions into suburban real estate projects.
Brooklyn won 7 of the 10 largest commercial loans of the month, while Queens won the remaining 3. Several large projects in the rezoned Gowanus have received construction loans, and Carlisle has used its acquisitions of Brooklyn and Queens to make its largest outlying ward financing deal this month.
Below are the details for each.
Clever Carlyle | Photo Brooklyn and Queens | $500 Million
The Carlyle Group was launched $500 million From Invesco backed by 39 small multifamily homes the private equity giant recently purchased in Brooklyn and Queens.Company Looked for a building with a specific tax class This is called 2A/2B and limits property tax increases to no more than 8% per year. These properties are 10 units or less and mostly tend to be free market, thus avoiding many of the restrictions placed on owners by the state’s Rent Stabilization Act of 2019.
Leather is more | Brooklyn | Brooklyn $202 million
Abe Reza’s Reza Team Lands $201.9 million UMB Bank to construct a 325,000 square foot office and retail building at 2440 Fulton Street or 1495 Herkimer Street in Ocean Hill, Brooklyn. Construction loans for the project totaled $166 million, with $35 million used to refinance senior loans. The New York City Department of Social Services secures tenants in buildings occupying more than 200,000 square feet. The retail store will be 25,000 square feet. Leser purchased the development site for his $33 million in 2015. The previous lender was the Metropolitan Bank of Commerce.
Big in Jamaica | Queens | Queens $196 million
Secured by BRP company $196 million AIG Investments to construct a 614-unit residential building at 90-02 168th Street, Jamaica, Queens. Scheduled for completion in 2025, his 716,000-square-foot project $378 million Total funding rises near Jamaica Long Island Railway Station. Jamaica Avenue shopping is nearby, with retail outlets owned by Jeff Sutton’s Wharton Properties. BRP purchased his development site in 2018 for $20.5 million.
Gowanus a Go Go | Brooklyn | Brooklyn $176 million
received domain company $176 million From Bank OZK 360 apartment complexes There are two towers at 420 Carroll Street in the recently zoning area of Gowanus. Other partners in this project include affiliates of Vorea Group, Silverstein Properties and Cantor Fitzgerald. A quarter of the building units are secured at an affordable price. Domain purchased the development site from Property Market Group in 2018 for $47.5 million.
Your Guilder Worth | Queens | Queens $170 Million
Using Kevin Chisholm’s 60 Guilders $170 million Purchase 33-00 Northern Boulevard, a 550,000 square foot office building in Long Island City, from Apollo Global Management. Vornado sold for $173 millionGovernment agencies such as the Metropolitan Transportation Authority and the city’s Department of Personnel Management support the building’s nearly full tenants.
Special KKR | Brooklyn | Brooklyn $132 million
Received by Private Equity Investor KKR $131.5 million Partners with Dalan Management from State Street Bank and Trust Company to purchase a 365-unit rental tower in downtown Brooklyn. $190 million. A 35-story building at 80 DeKalb Avenue is 80% of market value. The 1 bed, 1 bath unit is currently listed for $4,430 per month after concession.
London Calling | Brooklyn | Brooklyn $126 million
London-based Quadrum Global nailed $126 million from Madison Realty Capital and build Axos Bank 171 condominiums Located at 29 Huron Street (also known as 161 West Street) in Greenpoint. His 13-story project, spanning 178,000 square feet, was designed by Morris Adjmi Architects. Quadrum purchased a site consisting of an empty warehouse in 2014. $45.5 million As part of the 1031 exchange using the proceeds from the sale of the B Ocean Resort in Fort Lauderdale, Florida. Serhant has put the condos on the market and sales are expected to start this summer.
Hunting the Market | Queens | Queens $122 Million
TF Cornerstone received refinancing loans in total $121.9 million From PNC Bank 4540 Center Blvd.is a 345-unit residential building built in 2012 overlooking the East River in Hunter’s Point, Queens. The funds will collect loans from Queens West Development Corporation, a subsidiary of Economic Development Corporation in New York State. Queens West Development Corporation is responsible for the restoration of industrial land on Long Island City’s waterfront. Studio apartments are currently $3,080, and one-bedrooms are $3,625 and $4,075, according to StreetEasy.
Gowanus a Go Go II | Brooklyn | Brooklyn $107 million
Received by Tavros Holdings and Charney Companies $107 million Pacific Western Bank to construct a 214-unit residential building at 577 Union Street, Gowanus.rear buy broadcasting rights From a nearby single-family site, developers have submitted plans to build a nine-story, 229,000-square-foot building. Tavros and Charney purchased the site in 2019 for $32.7 million. A quarter of the units in the building are secured at affordable prices under the city’s mandatory inclusive housing policy.
Canada | Brooklyn | Brooklyn $98 million
Received Brookfield Property $98 million Includes a new loan of $35 million from the Royal Bank of Canada to refinance the 100 Myrtle Avenue lease. The 600,000-square-foot office building forms part of Brooklyn Commons (formerly known as MetroTech Center), a multi-million-square-foot pedestrian business district in downtown Brooklyn. Brookfield refinanced his 950,000-square-foot office building, One MetroTech Center, at 351 Jay Street, earlier this year. $150 million From Well Fargo.