Moinian Group, Bushburg agree to sell 467-unit Brooklyn rental for up to $335M

The Moinian Group and Bushburg Properties have an agreement to sell the 467-unit rental building known as PLG at 123 Linden Boulevard in Flatbush, Brooklyn for $325 million to $335 million, according to a filing the Moinian Group made last month with the Tel Aviv Stock Exchange. The filing did not disclose the buyer.

The full-service building that the partners developed, opened in the fall of 2019, and includes amenities such as a rooftop-pool. Studios are currently listed for $2,750 per month and a three-bedroom for $5,700 per month.

The owners did not respond to requests for comment.

Moinian and Bushburg each own approximately 50 percent of the property, which was Moinian’s first project in Brooklyn. Moinian financed the construction with a $160 million construction loan from its lending arm, Moinian Capital Partners. The most recent loan was for $223 million given by the Bank of China in June 2021.

In August 2015, the Moinian Group submitted a new building construction project for a 467-unit, 366,757-square-foot residential (R-2) building at 123 Linden Boulevard in Flatbush, Brooklyn. The plan was filed with the New York City Department of Buildings under job number 321228603 and it was permitted on September 13, 2017. It calls for the construction of a 26-story building.

Direct link to the property’s ACRIS page and link to DOB NOW portal.