Blue Sea Development signs $69.3M construction loan with city for 153-unit project in Bushwick
223 Linden Street (Credit - Google)
Blue Sea Development Company through the entity Bushwick Senior Housing LLC as borrower signed a new construction loan with lender NYC Housing Development Corporation valued at $69.3 million for the property at 223 Linden Street also known as 226 Grove Street, in Bushwick, Brooklyn.
The New York City Housing Authority, on March 1, filed a permit application for construction of a 153-unit, 100,053-square-foot building at 226 Grove Street in Bushwick, Brooklyn. Matthew Charney, vice president of real estate development for NYCHA, filed the plans.
The deal closed on June 30, 2022 and was recorded on July 26, 2022. The property has zero square feet of built space according to PincusCo analysis of city data.
The signatory for Blue Sea Development Company was Leslie “Les” Bluestone. The city’s Housing Preservation and Development and NYCHA are partnering with Blue Sea and Gilbane.
The property
PincusCo cannot determine the lot area of the 223 Linden Street parcel at this time.
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Violations and lawsuits
There were no lawsuits or bankruptcies filed against the property since September of 2020. In addition, according to city public data, the property has not received any significant violations in the last year.
The block
On this tax block, PincusCo has identified the owner of the one commercial property that spans that spans 120,440 square feet on the block.The identified owner is Pennrose. There is one active new building construction project totaling 100,053 square feet. It is a 153-unit, 100,053-square-foot R-2 building developed by Matthew Charney with plans filed March 1, 2022 and permitted June 29, 2022.
all properties are walkup.
Direct link to Acris document. link