Updated Feb 12, 2026
Blue Sky Builders Secures $43 Million Construction Loan From Popular Bank For Gowanus Development Site
224 3rd Avenue
$43,000,000
Units
82
Asset Type
Development Site
Closing
Jan 28, 2026
About this deal
AI
No summary available.
The development site loan at 224 3rd Avenue in Brooklyn, New York financed for $43M in 2026. 224 3rd Avenue is classified as Development Site on Traded. This page is the Brooklyn, New York file for the 224 3rd Avenue development site financed: pricing, party profiles, and other closed development site comps from the same Brooklyn sit in the Market section below. Filter that Brooklyn development site set by closing date to see what else financed near 224 3rd Avenue around 2026. Published consideration for 224 3rd Avenue is $43M, dated 2026. Cite this Blue Sky Builders Secures $43 Million Construction Loan From Popular Bank For Gowanus Development Site loan when underwriting similar development site product around Brooklyn, New York.
Players
Brooklyn Development Site Market Snapshot
Boundary boundary · Development Site · Loan transactions
Loading comparables…
Deal FAQ
Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.37%
Cash-on-Cash
-0.11%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93