In the outer boroughs, several asset classes earned top lender dollars in October, including a well-leased industrial campus, ground-up rental buildings and mixed-use developments anchored by major retail.
In Brooklyn, industrial and residential projects dominated the leaderboard, with big checks for Acumen Capital’s historic Pfizer complex and Harry Einhorn’s new Greenpoint rental. Lenders also fueled Bogopa’s mixed-use development in Bed-Stuy and Clipper Equity’s Pacific Street residential property.
In the Bronx, Simone Development secured fresh financing for a Hutchinson Metro Center building, rounding out a diverse slate of deals as the year winds down.
Here are October’s top five outer borough loans.
Industrial infusion | $125M | Williamsburg
Värde Partners provided a $125 million loan for a South Williamsburg industrial and manufacturing building at 630 Flushing Avenue owned by Acumen Capital Partners. CBRE arranged the three-year, floating-rate loan. The 7.8-acre property was built in 1849 to house Pfizer’s headquarters. Acumen snapped it up in 2011 for $26 million and repurposed it as flex industrial space. The building is 88 percent leased to tenants in the food, technology, education, media, fashion and nonprofit industries, per Värde’s website.
Quay payday | $94M | Greenpoint
Argentic Investment Management provided a $94 million loan for Harry Einhorn’s multifamily development at 79 Quay Street in Greenpoint. Brooklyn-based developer Einhorn bought the former warehouse property from Cayuga Capital Management in 2016 for $16 million and recently wrapped up construction on an 11-story, 92,000-square-foot building with 140 rental units and 1,300 square feet of commercial space, per New York YIMBY. Popular Bank provided the $51.5 million construction loan in 2023. Available units start at $3,395 for a studio, according to StreetEasy.
Myrtle money | $90M | Bedford Stuyvesant
KeyBank provided a $90 million loan to Bogopa Enterprises for its new mixed-use building at 1100 Myrtle Avenue in Bedford Stuyvesant. Bogopa is a parent company of Food Bazaar Supermarkets and temporarily shut down one of its shops at the site to make way for an 11-story, 233-unit mixed-use development, which includes a 29,000-square-foot Food Bazaar. Centennial Bank provided an $80 million construction loan in 2021. Amenities include a co-working library, indoor parking, a fitness center and roof deck.
Metro money | $88M | Pelham Bay
ConnectOne Bank provided an $88 million loan for Simone Development’s medical office and academic building at 1200 Waters Place in the eastern Bronx. The fresh financing for the property, part of the massive Hutchinson Metro Center, replaced a $100 million CMBS loan. The building is part of a 42-acre campus that includes more than 1.4 million square feet of Class A office and medical space, as well as retail space, dining, complimentary parking and a 125-room Marriott Residence Inn.
Clipper capital | $85M | Crown Heights
Citibank and Morgan Stanley provided a $84.5 million loan for Clipper Equity’s multifamily development at 998-1010 Pacific Street in Crown Heights. The fresh financing replaced an $80 million loan from Brookfield Asset Management. David Bistricer’s firm bought the development site in 2019 for $20 million and built a nine-story apartment building with 175 units that was completed in 2022. Amenities include a parking garage, gym, media room and a rooftop terrace.
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