MALVERNE, N.Y. — Bayport Funding has provided $3.2 million in financing for a development in the Long Island community of Malverne. The site at 1104 Hempstead Ave. spans 38,320 square feet. The borrower, who was not disclosed, plans to use the proceeds to acquire and complete the project. The development is currently underway, with completion slated for summer of 2024.
NEW YORK CITY — Soloviev Group plans to build two residential towers in Manhattan as a part of the Freedom Plaza mixed-use development, a six-acre, three-block project proposed along the East River in Manhattan. The two high-rise buildings will offer 1,325 residential units, including 513 affordable units. Current plans for Freedom Plaza feature 4.8 acres of publicly accessible green space; a hotel; retail and restaurant space; a museum; the residential towers; and a casino. Local news outlets report that adding affordable housing to the development plans is a move to …
NEW YORK CITY — SCALE Lending, the debt financing subsidiary of Slate Property Group, has provided a $142 million loan for the construction of a property at 147-35 95th Ave. in the New York City borough of Queens. The project sponsor, Joel Zupnick through Sutphin Boulevard Equities LLC, will use the funds to complete construction, lease-up and stabilization of the asset. The development is slated to deliver in in summer 2024. The building comprises 521 units, 363 parking spaces and 1,231 square feet of retail space across 24 stories in the …
BROOKLYN, N.Y. — Slate Property Group has topped out a 19-story building at 159 Boerum Street in Brooklyn’s East Williamsburg neighborhood. Once completed, the property will offer 162 units, 49 of which are affordable. Income restrictions for the affordable units were not disclosed. Planned amenities include a fitness center, roof deck, parking garage and bike storage. The development team also includes Avenue Realty Capital and SD Builders and Construction LLC. Construction is expected to complete in the summer of 2025.
NEW YORK CITY — Ariel Property Advisors has brokered the $5.1 million sale of two properties at 105 Wilson Ave. and 153 Wilson Ave. in Brooklyn’s Bushwick neighborhood. Dov Chein, Benjamin Vago and Victor Sozio represented the undisclosed seller in the transaction. The buyer was not disclosed. The building at 105 Wilson Ave. comprises four three-bedroom units and a Japanese restaurant, and the building at 153 Wilson Ave. includes six residential units and a barbershop.
NEW YORK CITY — Locally-based architecture and interior design firm CentraRuddy is converting the historic St. Luke’s Hospital complex in New York City into a 204-unit community called 30 Morningside. The campus includes five buildings that were originally designed by Ernest Flagg and built between 1896 and 1928. According to CentraRuddy, the redevelopment project aims to restore the French Renaissance Revival-style buildings while taking advantage of Flagg’s original designs to maximize access to light and air. A development timeline for the project was not disclosed, but a tour of the …
NEW YORK CITY — New Empire Corp. has broken ground on a 12-story apartment building at 58-01 Queens Blvd. in the New York City borough of Queens. The building was designed by Tang Studio Architect and Whitehall Interiors. The property will offer amenities such as a children’s playroom, lounge, outdoor terrace and a fitness center. A construction timeline for the project was not disclosed.
FARMINGDALE, N.Y. — Terwilliger & Bartone Properties has opened The Cornerstone Westbury, a new community in Farmingdale on Long Island, for residency. The first phase of the project delivers 72 units, with a further 58 units planned for phase two. Of the total unit count, 18 are set aside as workforce housing. According to the developer, over 1,200 applications were submitted for these units. Amenities include a rooftop patio, clubhouse, fitness centers and resident and events organized by community managers.
NEW YORK CITY — Ariel Property Advisors has negotiated the $4.9 million sale of a development site in New York City. Daniel Mahfar, Victor Sozio and Jason Gold brokered the deal. The property is located in the Mott Haven neighborhood of the Bronx and comprises two contiguous lots in a Qualified Opportunity Zone that were recently rezoned to support affordable housing usage. According to Ariel Property Advisors, the site can support 77,750 buildable square feet. The buyer and seller were not disclosed.
NEW YORK CITY — Walker & Dunlop has provided a $35.6 million Fannie Mae loan for the refinancing of an affordable housing portfolio in New York City. The portfolio comprises 251 units across eight buildings Brooklyn’s Williamsburg neighborhood. Frank Cassidy and John Gilmore of Walker & Dunlop worked alongside New York City Housing Preservation & Development and the New York City Housing Authority to secure the financing. The financing is structured with a fixed interest rate, 35-year amortization schedule and five years of interest-only payments. The borrower, Grower Housing Development …