Cross River Bank Supplies $37M Construction Loan for Brooklyn Apartments
By Andrew Coen January 3, 2025 11:36 am
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Developer Jacob Landau has secured $36.5 million of construction financing to build a multifamily development in Brooklyn’s Cypress Hills neighborhood, property records show.
Cross River Bank provided the loan on the planned 119-unit apartment building at 2246 Fulton Street. Landau, through the entity 50 Sackman LLC, purchased the development site that is also known as 50 Sackman Street for $11.5 million from Anthony J. Caggiano last spring, PincusCo. reported at the time.
Located a half mile west of the Broadway Junction train station, the property previously housed a 15,000-square-foot industrial warehouse built in 1967. The nine-story building will have 20 percent of the apartments set aside for affordable housing. It will also house ground-floor retail.
An estimated completion date for the project could not be gleaned.
Officials for Cross River Bank and Landau did not immediately return requests for comment.
Andrew Coen can be reached at acoen@commercialobserver.com
