Vlada Kenniff Secures $594.1 Million Construction Loan For Nostrand Houses In Sheepshead Bay

The asset involved in this transaction is a MultiFamily property located at 3004 Avenue V & 2323 Batchelder Street in Sheepshead Bay, Brooklyn. This property is part of the Nostrand Houses, which is set to undergo renovations as part of this deal. The rehabilitation construction loan amounts to $594,100,000 secured for the purpose of renovating 16 buildings within this housing complex.

Summary of transaction details:

• Property Type: MultiFamily
• Transaction Amount: $594,100,000
• Lender: NYC Housing Development Corporation
• Landlord: Vlada Kenniff - New York City Public Housing Preservation Trust
• Loan Type: Construction
• Date: 09/29/2026
• Market: Sheepshead Bay, Brooklyn

The key individuals and companies involved in this transaction include Vlada Kenniff, representing the New York City Public Housing Preservation Trust as the landlord, and NYC Housing Development Corporation as the lender facilitating the construction loan for the renovation project. This deal marks a significant investment aimed at improving public housing facilities in the borough.