L+M, Services for the UnderServed pay $25M to New York State for dev site in East New York

L+M Development Partners and Services for the UnderServed through the entity C1 C2 Vital Bk Housing Development fund Corporation paid $25 million to New York State through the entity Empire State Development for the development site (I5) at 888 Fountain Avenue in East New York, Brooklyn.
L+M Development Partners signed a $71.8 million acquisition loan with New York State Housing Finance Agency for the purchase.
L+M Development Partners, on July 16, filed a permit application for construction of a 437-unit, 386,362-square-foot mixed-use building at 888 Fountain Avenue in East New York, Brooklyn. David Dishy, president of development at L+M Development, filed the plans. The building will have both a north and south tower.

The sale closed on December 16, 2021 and was recorded on January 5, 2022.
The property has 442,575 square feet of built space and 171,869 square feet of additional air rights for a total buildable of 613,818 square feet according to PincusCo analysis of city data. The sale price per built square foot is $56 and the price per buildable square foot is $40 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 L+M Development Partners was Holly Leicht. The signatory for Services for the UnderServed was Judith Jackson.
(321600530) Plans for a 123-unit, 107,814 square-foot R-2 were also filed on July 20, 2021.
L+M Development Partners is the beneficial mortgagor of the property. Services for the UnderServed is located at the same address as the buyer LLC.

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