Moinian Group, Bushberg Properties borrow $170M from AIG for new rental in Flatbush

The Moinian Group and Bushberg Properties through the entity 123 Linden LLC as borrower signed a loan agreement with lender American General Life Insurance Company valued at $170 million for 1 parcel, including the tax class multifamily, fireproof – with stores (D6) and containing 467 residential units at 123 Linden Boulevard in Flatbush. The deal closed on July 1, 2020 and was recorded on July 29, 2020.

Sholom Laine of Bushberg Properties was the signatory for the borrower. The financing included a $10 million gap loan and $160 million in construction and acquisition financing originally provided by the Moinian Group which was assigned to AIG. The last time the property sold was February 19, 2016, for $18,500,000.
The DOB issued a new construction (NB) initial temporary certificate of occupancy for the building with 467 residential units on November 13, 2019.
Over the past five years, there have been 5 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 3 renovation/alteration projects (A2) applied for with a total estimated value of $1,724,470.There has been one new building permit application totaling 469,351 square feet. Those plans include a total of 467 residential units. There has been one demolition project filed for the parcels 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