JBA Equities has successfully arranged a $38 million deal in construction financing for a ground-up rental building in Greenpoint, Brooklyn. The 11-story development will include 80 residential units, 4,828 square feet of retail space, and 34 parking spaces.
Financing was provided by M&T Bank for the 86,067-square-foot property with a joint venture between BNS Real Estate and Wonder Works Construction Corp. as the borrower, reported Real Estate Weekly.
Construction is expected to take two years to complete, although no start date has been announced.
30 Kent Street will have 56 market-rate units and 24 affordable units, all with open layouts, nine-foot ceilings, and central HVAC. Building amenities will include a laundry room, gym, a virtual doorman, lobby with an outdoor garden space, landscaped ground floor, and community room on the rooftop.
Located between the East River and West Street, the new development will sit adjacent to WNYC Transmitter Park and have unobstructed waterfront views of the Manhattan skyline. The Greenpoint Avenue subway station is only two blocks east with access to the G train.
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Since this development will be profiting from being adjacent to a public waterfront park (and blocking its light),
both the community and its politicians need to encourage the developer to help fund maintenance and/or improvements in the park.
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