Mortgage Observer

Williamsburg Rental, Seven Years Stalled, Scores $21M Take-out Loan

210 North 12th Street

A once-stalled Williamsburg rental project that made an auspicious turn-around last year has received a $21 million take-out loan—a capstone on a successful project, as a developer can free up cash and lock in a lower interest rate than on a construction loan. Eastern Union Funding brokered the new loan with Investors Bank.

The eight-story, 42-unit residential building, at 210 North 12th Street, had been underway since 2007, but construction didn’t actually begin until summer of 2013. This was likely due to environmental concerns with the brownfield status of the North Williamsburg plot, prior reports show.  Read More

Pangs of New York

Martin Scorsese Implores Amanda Burden To Revise Bowery Zoning

Martin Scorsese

Martin Scorsese, who grew up on the then-mean streets of Little Italy, has joined the fight to slow the luxurious transformation of the Bowery. The director recently wrote a letter to City Planning Commission Chair Amanda Burden that announced his solidarity with the Bowery Alliance of Neighbors as the organization seeks revised zoning limits on the east side of the thoroughfare, a former Skid Row and, before that, theater and vaudeville destination. Read More

On the Market

92,000-Square-Foot Retail Space Hits Williamsburg Market

A rendering of 185 Wythe Avenue

Two floors encompassing 92,000 square feet of retail space at the luxury residential conversion 185 Wythe Avenue in Williamsburg are on the market.

The leasing agency, TerraCRG, claims in the listing that this is the largest contiguous available retail block in the north Brooklyn neighborhood. Asking rents are at $50 per square foot for minimal divisible lot sizes of 5,000 square feet.  Read More