Several major real estate loans were issued in New York City’s outer boroughs during October, with industrial and residential projects in Brooklyn leading the way. The top five loans of the month included a mix of historic redevelopments, new rental buildings, and mixed-use developments anchored by retail.
Acumen Capital Partners received the largest loan of $125 million from Värde Partners for its industrial and manufacturing property at 630 Flushing Avenue in South Williamsburg. The property, originally built in 1849 as Pfizer’s headquarters, was acquired by Acumen in 2011 for $26 million and has since been converted into flexible industrial space. According to Värde’s website, the building is now 88 percent leased to tenants across sectors such as food, technology, education, media, fashion, and nonprofit organizations. CBRE arranged this three-year floating-rate loan.
A $94 million loan was provided by Argentic Investment Management to Harry Einhorn for his multifamily development at 79 Quay Street in Greenpoint. Einhorn purchased the site from Cayuga Capital Management in 2016 for $16 million and completed construction on an 11-story building with 140 rental units and ground-floor commercial space. In 2023, Popular Bank supplied a construction loan of $51.5 million for this project.
Bogopa Enterprises secured a $90 million loan from KeyBank for its new mixed-use development at 1100 Myrtle Avenue in Bedford Stuyvesant. Bogopa is known as the parent company of Food Bazaar Supermarkets; it temporarily closed one store at this location to build an 11-story complex with residential units above a new supermarket spanning nearly 29,000 square feet. Centennial Bank had previously provided an $80 million construction loan for this project.
Simone Development received an $88 million loan from ConnectOne Bank for its medical office and academic facility at 1200 Waters Place in the Bronx’s Hutchinson Metro Center campus. This refinancing replaced a previous CMBS loan valued at $100 million. The larger campus includes more than 1.4 million square feet dedicated to office and medical use along with amenities such as retail stores and dining options.
Finally, Clipper Equity obtained an $84.5 million loan jointly from Citibank and Morgan Stanley for its multifamily project located at 998-1010 Pacific Street in Crown Heights. This new financing replaces an earlier $80 million loan from Brookfield Asset Management used during construction of the nine-story apartment building completed in 2022.
These transactions highlight ongoing investment interest across various asset types—industrial campuses repurposed from historic facilities as well as large-scale residential complexes—in New York City’s outer boroughs.
