Updated Sep 4, 2026
FINANCEDDevelopment Site
Meyer Lebovits Secures $37 Million Loan From JG Funding For Brooklyn Yards Development In Bensonhurst
1557 60th Street
$37,000,000
Units
267
Asset Type
Development Site
Closing
Aug 13, 2026
About this deal
AI
The property asset involved is a development site located at 1557 60th Street in the Bensonhurst market of Brooklyn. This site is part of the Brooklyn Yards mixed-use project, which includes plans for approximately 267 residential units distributed across 335,000 square feet within 14 buildings positioned over rail lines.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $37,000,000
- Lender: JG Funding
- Landlord: Meyer Lebovits
Meyer Lebovits, through Brooklyn Yards BSD Development LLC, secured the financing for the project, signifying a significant development effort in Bensonhurst aimed at enhancing the area's residential offerings.
Players
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.43%
Cash-on-Cash
-0.12%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93