David Bistricer of Clipper Equity has secured a $ 79 million construction loan for a 143-unit residential construction project in Williamsburg.
Bistricer said The real deal construction has recently started on the seven-story rental apartment building at 118 Hope Street. Blasio’s administration approved the plans in early March 2020, just days before the city was stranded.
Construction is expected to be completed in 24 months, Bistricer said.
The lender was Bank Leumi and Princeton Bank also participated in the deal, sources said.
Leah Paskus’ Landstone Capital Group arranged the financing. Landstone declined to comment.
A Bistricer limited liability company dubbed Hope-Keap Owner acquired the vacant land at the southwest corner of Hope and Keap streets in January 2020. The deed listed the transaction price as zero, but the property records Filed for transfer rights around the same time show the transaction was valued at $ 24.7 million.
The year of construction delay might not have hurt Bistricer as much as usual, as the number of new leases in the New York rental market plummeted after the start of the pandemic.
In recent months, however, the winds have changed and the number of leases is increasing. But Brooklyn’s median rent in April was still 16% lower than it was a year ago, according to a report by Douglas Elliman.