MacQuesten Companies signs $78.8M construction loan with city for 108-unit development in Bed Stuy
MacQuesten Companies as borrower signed a new construction loan with lender NYC Housing Development Corporation valued at $78.8 million for the development building (V1) at 1510 Broadway in Bed Stuy, Brooklyn.
The deal closed on June 21, 2022 and was recorded on July 12, 2022.The property has zero square feet of built space and 74,534 square feet of additional air rights for a total buildable of 74,534 square feet according to PincusCo analysis of city data.
The signatory for MacQuesten Companies was Rella Fogliano and Sherry D. Roberts. The signatory for NYC Housing Development Corporation was Ruth Moreira.
The property
The 1510 Broadway parcel has frontage of 281 feet and is 123 feet deep with a total lot size of 21,667 square feet. The lot is irregular. The zoning is R7-1 which allows for up to 3.44 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $1.5 million.
Stay current in this unpredictable market with data.
– Daily lists of new buyers, sellers and lenders
– Weekly feed of new developments and offering plans
– Weekly feed of bankruptcies, foreclosures, note sales
… and over 20 different feeds to find your next deal
Violations and lawsuits
There were no lawsuits or bankruptcies filed against the property since September of 2020. In addition, according to city public data, the property has not received any significant violations in the last year.
Development
On these lots, there is one active new building construction project for a 108-unit, 97,232-square-foot R-2 building. The project was developed by Rella Fogliano with plans filed June 14, 2019 and it has not been permitted yet.
The neighborhood
In Bed Stuy, the bulk, or 32 percent of the 57.5 million square feet of commercial built space are residential elevator buildings, with residential walkup buildings next occupying 28 percent of the space. In sales, Bed Stuy has 1.8 times the average sales volume among other neighborhoods with $567.7 million in sales volume in the last two years and is the 6th highest in Brooklyn. For development, Bed Stuy is the 9th most active neighborhood among other neighborhoods. It had 5 million square feet of commercial and multi-family construction under development in the last two years, which represents 9 percent of the neighborhood’s built space.
The block
There is one active new building construction project totaling 97,232 square feet. It is a 108-unit, 97,232-square-foot R-2 building developed by Rella Fogliano with plans filed June 14, 2019 and it has not been permitted yet.
The majority, or 100 percent of the 10,000 square feet of built space are industrial buildings, with development buildings next occupying 0 percent of the space.
Direct link to Acris document. link