Heritage Equity Partners recently secured $53 million in construction financing to build a new multifamily rental property in Sunset Park, Brooklyn. The property is located at 875 4th Avenue in an area colloquially referred to as South Slope and will yield 150 units.
Designed by Fischer + Makooi Architects, available units will range in size from studios up to two-bedroom apartments. Each apartment will offer in-unit washer-dryers, while select layouts will include a private outdoor space. Occupants will have access to a mix of amenity spaces including a fitness center with a yoga studio, a children’s playroom, co-working space, a flexible meeting or event space, and a roof deck equipped with outdoor barbecues and ample seating.
Renderings, which were released in 2018, depict a modern take on classic design with red brick cladding and large windows, including several columns of projecting bay windows. Setbacks below the parapet make way for outdoor terraces. The façade features some detailed brickwork, including dentil trim at the cornices, that adds sophistication to the overall appearance.
“While there has been a large increase in companies moving into this area, there have not been enough residences built to accommodate the growth in population,” said Toby Moskovits, CEO of Heritage Equity Partners. “There is a need for more housing in this area, for more rental apartments, and especially a need for new construction luxury units in this area.”
Moskovits sees the forthcoming development, which includes a mix of affordable and market-rate units, as a responsible contributor to the future of South Slope.
Michael Lichtenstein, president of Heritage Equity Partners, echoed Moskovits’ sentiment.
“We have always focused on pioneering projects in new and growing neighborhoods, and are delighted to move ahead with this project, which brings to the fore our team’s strengths in development and construction, and brings our vision to fruition, creating a beautiful building that will cater to all residents of these neighborhoods,” Lichtenstein said.
The construction loan features a LIBOR-based floating rate and was arranged by Meridian Capital Group and its director Elliot Kunstlinger, who has a working relationship with both Heritage Equity Partners and Madison Realty Capital. With financing in place, the building is expected to debut by the end of 2022.