Heritage Equity Partners has secured a $53 million floating-rate construction loan from Madison Realty Capital for its development at 875 4th Avenue in Sunset Park, according to the Commercial Observer. Upon completion, the eight-story rental will consist of 150 apartments, in addition to 50 underground parking spaces.
- Flashback: Toby Moskovits and Michael Lichtenstein’s firm paid $19.75 million for the two parcels in 2018. The site is located three blocks from the 36th Street subway station, serviced by the D and R trains.
- Heard on the Street: Madison Realty Capital’s Josh Zegen told CO: “Sunset Park is a growing, creative neighborhood, yet suffers from an undersupply of attractive housing options. We are pleased to provide a flexible solution and execute this $53 million loan that will bring vital new housing options to this vibrant and growing neighborhood.”
- Quotable: Toby Moskovits, CEO of Heritage Equity Partners added: “This area has seen major changes in the last few years, and there is not enough housing supply for all the new jobs created in this area. 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. 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.”