Prolific New York developer Hudson Cos. has landed $135 million in financing for a mixed-use project it is building in Crown Heights.
The development at 975 Nostrand Ave. will stand 9 stories tall and feature 328 apartments, retail space that includes a supermarket and space for a community facility. The construction loan came from the bank Santander, which provided $85 million, and Related Fund Management, an affiliate of real estate giant The Related Cos., which provided $50 million.
Hudson Cos. is building the project using the now-expired 421-a affordable housing tax break, and 30% of the apartments will be for households earning up to 130% of the area median income, or about $165,000 for a family of three. The rest of the apartments will be market rate. Construction began in August 2022 and should be finished by fall of next year.
Amenities in the building will include a yoga room, a karaoke room, a library and an underground parking garage.
Hudson Cos. bought the site, located on the border of Prospect-Lefferts Gardens, in 2021 for $41.5 million. The company, based near Manhattan’s Union Square, is extremely active in the city. Its other projects include a more than 700-unit affordable housing development in Hunts Point called The Peninsula and the sprawling Riverwalk complex on Roosevelt Island, which it is developing with Related and will include more than 2,000 apartments and condos.
Projects in the 421-a program need to be finished by June 2026 to receive their benefits, a deadline the Nostrand Avenue development seems poised to make. Negotiations over extending this deadline and coming up with a 421-a replacement have both been hot-button issues in this year’s state budget negotiations.
Cushman & Wakefield’s Gideon Gil, Zachary Kraft and Sebastian Sanchez brokered the deal for the Nostrand Avenue financing.
Eddie Small , 2024-03-25 17:33:08
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