Cornell Realty Management and Rubin Equities Inc. borrows $76M from Madison Realty Capital and Bluestone Group for property in Dumbo

Isaac Hager’s Cornell Realty Management and Lipa Rubin’s Rubin Equities Inc. through the entity 85 Flatbush Rho Hotel LLC as borrower signed a loan agreement with lender Madison Realty Capital and Bluestone Group through the entity 85 Flatbush Avenue 1 LLC valued at $76 million for three commercial condominium units at 85 Flatbush Avenue Extension in Dumbo. The deal closed on September 19, 2019 and was recorded on October 4, 2019. The property includes the Tillary hotel and a residential condo unit with rental apartments.
The financing includes $70 million in secured debt and $6 million in mezzanine debt.
The sale to Cornell and Rubin Equities was first reported by PincusCo Media here.

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Direct link to the city’s interactive property map, ZOLA. link