Joseph Brunner’s Bruman Realty obtained financing of $130M from Starwood Mortgage Capital

Joseph Brunner’s Bruman Realty through the entity Bushwick Realty Holdings LLC as borrower signed a loan agreement with lender Starwood Mortgage Capital LLC valued at $130.0 million for 1 parcel, including the tax class multifamily, miscellaneous (D9) and containing 336 residential units at 871 Bushwick Avenue in Bushwick. The deal closed on August 09, 2019 and was recorded on August 22, 2019.
The property contains a total of 299,859 square feet of built space.
The average loan per unit is $386,905.
The last time the property sold was April 10, 2014, for $15,000,000.
The DOB issued a major alteration (A1) initial temporary certificate of occupancy for the building with 113 residential (or hotel) units on December 04, 2015.
Over the past five years, there have been 26 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 2 major renovation applications including a certificate of occupancy change (A1) filed with a total estimated value of $8,120,000. Those filings sought to increase the number of residential units by 136 to 159 There were 19 renovation/alteration projects (A2) applied for with a total estimated value of $5,147,385.There have been 2 new building permit applications totaling 220,191 square feet. Those plans include a total of 232 residential or hotel units. There have been 3 demolition projects filed over the past five years. The demolition included 5 residential units.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link
A recent story on the property. link.

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