Brookfield, Tredway acquire stake in Pembroke’s Coney Island rentals, borrow $59.8M

Brookfield Asset Management and Tredway acquired a stake two of Pembroke’s Coney Island rentals, and at the same time the owners borrowed $59.8 million from Freddie Mac, in two transactions.

In the first, Brookfield Asset Management, Tredway, and Pembroke through the entity Bay Park Two-A LLC as borrower signed a refi loan with lender Freddie Mac through the entity Federal Home Loan Mortgage Corporation valued at $30 million for the 338-unit residential elevator building (D6) at 3385 Neptune Avenue in Coney Island, Brooklyn.
The deal closed on June 4, 2025 and was recorded on June 16, 2025. The prior lender was Freddie Mac which held debt that had an original loan amount of $30 million.The property has 334,000 square feet of built space and 237,350 square feet of additional air rights for a total buildable of 571,050 square feet according to a PincusCo analysis of city data. The loan price per built square foot is $89 and the price per buildable square foot is $52 per the PincusCo analysis. (The price per square foot analysis is the transaction price divided by square feet as reported in public records and assumes no air rights have been sold.)
The owner bought the property on June 11, 2015, for $67.7 million. The signatory for Brookfield Asset Management , Tredway  and Pembroke was Erica Segal . The signatory for Freddie Mac was Matthew Tressler .

In the second, Brookfield Asset Management, Tredway, and Pembroke through the entity Bay Park One-A LLC as borrower signed a refi loan with lender Freddie Mac through the entity Federal Home Loan Mortgage Corporation valued at $29.8 million for the 334-unit residential elevator building (D6) at 3521 Neptune Avenue in Coney Island, Brooklyn.
The deal closed on June 4, 2025 and was recorded on June 16, 2025. The prior lender was Freddie Mac which held debt that had an original loan amount of $29.8 million.The property has 366,000 square feet of built space and 36,399 square feet of additional air rights for a total buildable of 402,053 square feet according to a PincusCo analysis of city data. The loan price per built square foot is $81 and the price per buildable square foot is $74 per the PincusCo analysis. (The price per square foot analysis is the transaction price divided by square feet as reported in public records and assumes no air rights have been sold.)

Prior sales and revenue

The 334,000-square-foot property generated revenue of $10 million or $30 per square foot, according to the most recent income and expense figures.

The property

The residential elevator building with 338 residential units in Coney Island has 334,000 square feet of built space and 237,350 square feet of additional air rights for a total buildable of 571,050 square feet according to a PincusCo analysis of city data. The parcel has frontage of 560 feet and is 424 feet deep with a total lot size of 235,000 square feet. The lot is irregular. The zoning is R6 which allows for up to 2.43 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $32.4 million.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property for the past 24 months. In addition, according to city public data, the property has received one DOB violation and 33 housing violations in the last year.

Development

There are no active new building construction projects or major alteration projects with initial costs more than $1 million on this tax lot.

The block

There are no active new building construction projects on this tax block.

The majority, or 100 percent of the 865,923 square feet of built space are elevator buildings, with industrial buildings next occupying 0 percent of the space.

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