Boerum Hill Secures Major Construction Loan
Goose Property Management has secured a substantial construction loan of $166 million from Scale Lending, an affiliate of Slate Property Group, intended for a multifamily development in Boerum Hill. This loan replaces a previous $99.8 million financing package from H.I.G. Capital. The project encompasses four adjacent buildings across three tax lots, totaling 367 residential units. Notably, three of these buildings will feature 99 units each, likely serving as a strategic move to circumvent the $40/hour wage requirement under the 485x tax abatement program applicable to projects with 100 or more units.The development will also include 9,700 square feet of commercial space and 40 parking spots. The nearly full-block site was acquired by Goose for $40 million after being rezoned from industrial to residential in 2022. Overall, the project is expected to cover 302,000 square feet, comprising three 11-story buildings and one 12-story building. There have been over $110,000 in fines and violations related to properties on this tax block in the past year.
Fort Greene Condo Tower Moves Forward
Charney Companies has successfully obtained $135 million in financing from BH3 Management and Madison Realty Capital for a new 45-story condominium at 95 Rockwell Place. The tower will feature 182 condominiums along with 500 square feet of commercial space. A distinctive aspect of this development is its partnership with Public Records, a music-centric venue based in Gowanus, which will curate ambient music and design elements throughout the building. Completion of the project is anticipated in the fourth quarter of 2027. Charney owns several sites in the vicinity, with more than 2,000 units planned across Brooklyn.
Metro Loft Recapitalizing 180 Water Street
Nathan Berman’s Metro Loft is in the final stages of a $335 million recapitalization for its residential conversion at 180 Water Street, which has 573 units. New equity partners, including 60 Guilders and Sentry Realty, are set to acquire a 50% stake in the property. The previous debt of $365 million matured without repayment last fall, leading to pre-foreclosure filings. This recapitalization aims to address those financial issues. Metro Loft gained full control of the property in 2017 after purchasing it for $450 million from Vanbarton. Another property under Metro Loft, 20 Broad Street, is currently facing special servicing issues.
Meadow Partners Grabs Soho Retail and Office
Meadow Partners is in contract to acquire 200 Lafayette Street from Brookfield for $40 million. This mixed-use property includes Eataly on the ground floor and Moncler on the second floor. The upper office condos are owned separately by LaSalle Investment Management. This transaction is part of a broader trend of significant activity in Soho, following recent deals involving Blackstone, Isak Andic, and Ralph Lauren.
Aquarian Signs Major Lease at 550 Madison
Aquarian will be relocating to the three-story penthouse at 550 Madison Avenue, leasing 75,000 square feet in Olayan Group’s prominent tower. This lease brings the building's occupancy to nearly full capacity. Last year, asking rents reached $175 per square foot—double the average for Midtown. Notable tenants in the building include Chubb, Junto Capital, and Corsair Capital. Olayan purchased the tower in 2016 and has made significant investments to reposition the landmark property.
Upper East Side Demolitions Hint at New Condo Projects
Demolition has concluded at 222 East 86th Street, previously a supportive housing site under the Department of Homeless Services. In addition, Alchemy Properties is preparing to demolish two buildings at 1482–1484 First Avenue, having acquired them for $33.7 million last year. The estimated cost for demolition is around $900,000 per building. While no specific plans have been filed yet, Alchemy's history suggests that new condominiums are likely. Details regarding architects, renderings, and project timelines have not yet been disclosed.
Earle Altman Remembered
Earle Altman, co-founder of ABS Partners Real Estate and a veteran of Helmsley Spear, passed away on May 1 at the age of 93. Altman was a Marine Corps veteran and an influential figure in real estate, serving as a mentor to many professionals. His career spanned over 40 years, during which he oversaw a portfolio of 14 million square feet across 11 states. Altman is survived by his wife, three daughters, eight grandchildren, and three great-grandchildren.