Urban Standard Capital Makes $34M Construction Loan for Two-Building Brooklyn Condo
Financing will create more than 90,000 SF of housing in Prospect Lefferts Gardens
By Brian Pascus September 29, 2023 4:08 pm
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Kingsdel Real Estate, a Brooklyn development firm, has secured $34 million in construction financing for a two-building multifamily project in Brooklyn’s Prospect Lefferts Gardens neighborhood, Commercial Observer has learned.
Urban Standard Capital provided the financing in what is now the sixth project between Seth Weissman, Urban Standard Capital’s managing partner and founder, and Kingsdel’s co-founder Nigel Boyden.
“We certainly had a lot of faith in Nigel based on our previous experience with him,” Weissman told CO. “Nigel’s built a beautiful product and people are drawn to his level of service.”
Boyden said he’s been active in the Prospect Lefferts Garden area for “a few years now” and that the current site matches his two-building vision.
“It’s certainly a bigger project than I’ve done before,” he told CO. “I started working with a new equity partner and we were able to raise much more equity [than prior deals]. When this site came up, it just seemed like a good fit for us and a good step to take.”
Located at 625 New York Avenue and 447 Fenimore Street, the project consists of two buildings across the street from one another totaling 90,000 square feet. The pair of properties will contain 25 parking spaces, 28 rooftop and outdoor cabanas, a shared community space, and numerous other amenities, according to Weissman.
Weissman said that the project represents the continued strength of Brooklyn’s for-sale condo market, specifically units priced between $1 million and $1.5 million.
“We see here how studios and ones and two-bedrooms are much more accessible, compared to things we’re seeing in Manhattan, where the price point for luxury condos, like a two-bedroom, might be $3 million,” he said. “And we’re seeing continued demand in Brooklyn and pockets like Prospect Lefferts, where there are affordable options and the whole dollar price is more accessible to more people. The people coming in are going from being renters to being buyers.”
Demolition to make way for the project is nearly complete, and foundation work is expected to begin shortly, according to Weissman.
Founded in 2022, Kingsdel Real Estate has nine total developments either completed or in its pipeline. All of the firm’s developments are in Brooklyn, where Kingsdel has 130,000 square feet either finished or in progress, totaling more than 120 units.
Brian Pascus can be reached at bpascus@commericalobserver.com
