Heritage Equity Partners recently received a $ 53 million home loan to build a new multi-family rental property in Sunset Park, Brooklyn. The property is located at 875 4th Avenue in an area known colloquially as the South Slope and will make 150 units.
The available units were designed by Fischer + Makooi Architects and range from studios to two-bedroom apartments. Each apartment offers washer-dryers in the unit, while select floor plans include a private outdoor area. Residents have access to a mix of amenities, including a fitness center with a yoga studio, children’s playroom, communal space, flexible meeting or event space, and a rooftop terrace with outdoor grills and ample seating.
The renders released in 2018 show a modern take on the classic design with red brick siding and large windows, including several pillars with protruding bay windows. Setbacks under the parapet make space for outdoor terraces. The facade has detailed masonry, including dentile cladding on the cornices, adding sophistication to the overall appearance.
“Although the number of businesses moving to the area has increased significantly, not enough homes have been built to accommodate the population growth,” said Toby Moskovits, CEO of Heritage Equity Partners. “In this area there is a need for more living space, for more rental apartments and especially for new luxury units in this area.”
Moskovits sees a responsible contribution to the future of South Slope in the upcoming development, which includes a mixture of affordable and market-driven units.
Michael Lichtenstein, President of Heritage Equity Partners, reiterated Moskovits’ assessment.
“We have always focused on groundbreaking projects in new and growing parts of the city and we look forward to driving this project forward, which puts the strengths of our team in development and construction in the foreground and realizes our vision and creates a beautiful building that makes this possible all residents of these districts, ”said Lichtenstein.
The home loan has a LIBOR based floating rate arranged by Meridian Capital Group and its director Elliot Kunstlinger, who works with both Heritage Equity Partners and Madison Realty Capital. With the financing, the building is expected to open at the end of 2022.
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875 Fourth Avenue Fischer Makooi Architect Heritage Equity Heritage Equity Equity Partner Madison Realty Capital residential area South Slope Sunset Park