Bruman Realty signs $16.8M construction loan with Investors Bank for development site in Gravesend

Joseph Brunner’s Bruman Realty through the entity 125 Kings LLC as borrower signed a new construction loan with lender Investors Bank valued at $16.8 million for the development site (V1) at 125 Kings Highway in Gravesend, Brooklyn.
The deal closed on September 10, 2021 and was recorded on September 24, 2021.
The property has 0 square feet of built space and 39,264 square feet of additional air rights for a total buildable of 39,264 square feet according to PincusCo analysis of city data. The loan price per built square foot is $N/A and the price per buildable square foot is $427 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 signatory for Bruman Realty was Joseph Brunner.
(340752714) Plans for a 61-unit, 42,120 square-foot R-2 were filed on August 5, 2020 and were permitted on April 26, 2021.
Bruman as tenant signed a 75-year ground lease with the landlord Leemilt’s Petrolium in March 2020 valued at $5.665 million.
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