The Moinian Group and Bushburg have successfully closed on a $105 million construction loan to complete 2840 Atlantic Avenue, a rising property in East New York, Brooklyn that will include residential and affordable housing units, community space, lower-level retail, and 109 parking spaces.
The project includes a substantial redevelopment and expansion of The Empire State Dairy Building, a landmarked building originally constructed in 1915. The building was completed by architects Theobald Engelhardt and Otto Strack and housed the Empire State Dairy Company until the mid-20th century.
Led by Dattner Architects, the scope of work includes restoration of the building’s poorly maintained façade, partial demolition of two adjacent structures, and a new 14-story residential tower positioned above the old structure. Along Atlantic Avenue, the historic façade will feature modern windows, pin-mounted “Empire State Dairy Co.” signage, reestablished piers and pediments at the roof, and new rooftop mechanical systems.
The new towers above the historic building will feature a dark brown and gray brick façade and multiple setbacks for large residential terraces.
The residential component will reportedly comprise 335 apartments including a mix of studios up to three-bedrooms units. The project team has not revealed how many of those apartments will be designated as affordable housing, nor the imposed income-restriction on these units.
“Bushburg is a tremendous development partner who shares our commitment to delivering best-in-class real estate,” said Joseph Moinian, founder and CEO of The Moinian Group, who noted that this is the second joint venture between the two firms. “Bushburg buys and builds right and has the same passion and vision for New York’s emerging markets. We look forward to delivering this project and are eager to work with Bushburg again on future developments in Brooklyn and elsewhere.”
The construction loan was supplied by Valley Bank and Cross River Bank. The Moinian Group supplied additional preferred equity to fund the construction.
Leasing for the residential component is expected to launch in the first quarter of 2024.
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