Steiner NYC Secures $228M Construction Loan For 63 Flushing Ave In Brooklyn

The Brooklyn Navy Yard has closed on a mixed-use property located at 63 Flushing Ave in Brooklyn. The transaction was completed on October 30, 2018. The asset spans an impressive 516,000 square feet and is situated in the bustling Brooklyn market.

Summary of transaction details

• Property Type: Mixed Use
• Loan Amount: $228,000,000
• Lender: M&T Bank / BNY Mellon
• Landlord: Steiner NYC

The deal was facilitated by a team of brokers including Jonathan Schwartz, Aaron Appel, Brett Rosenberg, and Sean Bastian. They played a crucial role in connecting the buyer and seller, ensuring a successful transaction.

This development is set to have a significant impact on the area. It will feature the first-ever New York City location of Wegmans, a renowned retail brand. The supermarket will occupy 75,000 square feet of the property. Additionally, there will be 85,000 square feet of additional retail space, providing ample options for commercial activities. The property will also offer parking facilities with a total of 435 parking spaces, including 266 surface parking spaces. The development will also include 356,000 square feet of light industrial and creative office space, leased to Brooklyn NYDC. Lastly, a 5,000 square foot community facility will be incorporated into the project, catering to the needs of the local community.