Jonathan Landau introduced some contemporary funding for his bold plans in Brooklyn Heights.
Landau Properties, in a partnership with the Mizrachi household’s Third Millennium Group and Midtown Equities, closed on the acquisition of 205 Montague Avenue, the companies introduced in a press launch. The deal was financed with $113 million in senior secured debt from Northwind Group and $100 million in fairness, together with $25 million in most well-liked fairness from Atlas Capital Group.
The financing covers the acquisition and predevelopment section of the mission, in accordance with the discharge.
The closing comes virtually two years after Landau, the previous CEO of Fortis Property Group, filed plans with the Division of Buildings for a 47-story tower.
The mixed-use mission will embody 46 apartment models, 90 rental flats and 40,000 sq. toes of retail area. Building is anticipated to start early subsequent 12 months.
The discharge signifies that the Cayre household’s Midtown Equities, which had purchased the location for $33 million in 2010, is staying on as one of many mission’s sponsors. The household had put the location up for sale in 2015, seeking $200 million.
The discharge doesn’t point out what plans exist, if any, for the neighboring 195 Montague Avenue, which had been included as a part of the preliminary constructing utility filed by Landau final 12 months.
The location sits on the intersection of Brooklyn Heights and Downtown Brooklyn. If accomplished, the 672-foot tower will likely be one of many neighborhood’s tallest properties, and a marked divergence from the brownstone-lined streets which have drawn record townhouse deals.
Estreich’s Raffi Landau represented Northwind and Rosewood Realty Group’s Aaron Jungreis represented Atlas within the deal.
The mission “is nicely positioned to learn from sustained demand on this supply-stricken neighborhood,” Ran Eliasaf, Northwind founder and managing accomplice, mentioned in a press release.
Landau is making good on his forecast issued throughout a panel at The Actual Deal’s New York Discussion board, when he said it’s a “rattling good time to be constructing in New York Metropolis.”
The developer’s different tasks since leaving Fortis have been in South Florida. He was reported earlier this month to have sold out the Indian Creek Residences & Yacht Club luxurious waterfront improvement on Bay Harbor Islands, the place he’s additionally developing offices.
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Jonathan Landau planning 47-story tower in Brooklyn Heights
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