SCALE Lending, the debt financing arm of Slate Property Group, has provided an $83 million bridge loan to The Namdar Group for the newly completed 26 Van Reipen Avenue in Journal Square, Jersey City. This loan is part of a larger funding package totaling $283 million, which also supported another development, 626 Newark Avenue, within the same neighborhood.
Permits have been filed for a seven-story mixed-use building at 132-15 Pople Avenue in Flushing, Queens. Located between Saull Street and College Point Boulevard, the lot is near the Main Street subway station, serviced by the 7 train. Feng Jin Wang of East West Mansion LLC is listed as the owner behind the applications.
The affordable housing lottery has launched for 63-16 102nd Street, a three-story mixed-use building in Rego Park, Queens. Designed by John C. Chen Architect and developed by Regina Zhou under Rego Park Partner LLC, the structure yields 11 residences. Available on NYC Housing Connect are four units for residents at 130 percent of the area median income (AMI), ranging in eligible income from $72,000 to $198,250.
YIMBY spotted construction at 71 Prince Street, a 31-story residential complex in Downtown Brooklyn. Designed by Aufgang Architects and developed by Maddd Equities, the project is expected to yield 436,600 square feet with 465 rental units, 4,000 square feet of retail space, and 40 to 50 enclosed parking spots. Brooklyn Red Sauce LLC is listed as the owner and Joy Construction Corp. is the general contractor for the property, which is alternatively addressed as 202 Tillary Street and is located on 19,500-square-foot L-shaped parcel with two frontages lining Prince and Hillary Streets that once held a 115,000-square-foot American Self Storage facility. Construction is expected to cost $132 million.
Demolition is about to get underway at 33 4th Street, which will be home to a new seven-story residential building in Carroll Gardens, Brooklyn. Designed by IMC Architecture and developed by Shimon Hoffman under the GH Management LLC, the upcoming structure will stand 72 feet tall, yield 55,694 square feet designated for residential space with 82 rental units averaging 679 square feet apiece, and a 32-foot-long rear yard. Alba Services Inc. is the general contractor for the property, which is located on an interior rectangular plot between Smith and Hoyt Streets.
