The New York City Council has approved plans for 395 Flatbush Ave., a residential tower to be developed by Rabina and Park Tower Group. The 840-foot tower would be the second-tallest building in Brooklyn.
A replacement for a largely vacant city-owned seven-story office building, 395 Flatbush will reportedly be the first project in Brooklyn to advance under the city’s new high-density zoning. It will contain 1,263 apartments, including 325 affordable units.
“395 Flatbush is poised to transform one of the most important blocks in Brooklyn with a state-of-the-art mixed-use development that is responsive to the City’s urgent need for new housing at all income levels, including homes serving low- and very low-income populations,” said Josh Rabina, president and CEO of Rabina, in a statement.
In addition to housing, the tower will deliver 66,000 square feet of retail and 75,000 square feet of commercial office or community facility space, the New York Post reported.
Rendering courtesy of TenBerke Design.
An RK Investors-led team obtained an $81 million construction loan for Sutherland at Piper Glen, a 299-unit multifamily development underway in Charlotte’s Piper Glen neighborhood. The financing was provided by Western-Southern Life Insurance Company. The financing was arranged by Nate Sittema, Kristen Reilley and Elliott Voreis with CBRE’s Debt & Structured Finance team. Currently under...
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NAI Capital Commercial EVPs John S. Archibald and Guillermo Olaiz, alongside senior associate Stephen Lam of the Investment Services Group in the Pasadena office, represented the seller, Star Horizon, LLC, in the sale of ZK Plaza, a 41,586-square-foot office building in Pasadena. The property sold for $13,400,000, representing a 3.5% premium over asking. Located at...
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Berkadia announced the sale of Orchard Corners & Suites, a 139-unit, 264-bed, garden-style student housing property serving The University of Kansas in Lawrence, Kansas. Berkadia’s Student Housing and Kansas City investment sales teams collaborated to facilitate the transaction on behalf of the seller, Utah-based Redstone Residential. The Berkadia team included Senior Managing Directors Travis Prince...
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