The property is currently 96% leased to 27 tenants across diverse industries including wholesale and distribution, healthcare, financial services, logistics, and construction.
Parcel A will deliver the first phase of housing as part of the city’s larger commitment to advance the development of approximately 1,500 new homes in Coney Island on city-owned surface parking lots near the boardwalk.
Blackstone Real Estate Debt Strategies provided the financing, the proceeds of which will be used to retire existing debt and fund future leasing activity.
“Over the past two years, it has been an extraordinary privilege to serve this remarkable association and its dedicated members. Together, we have made significant strides to strengthen HGAR’s foundation and prepare it for the future…”
As inventory inches up and prices continue to rise, more households are being locked out of homeownership and pushed into rental markets that cannot keep up.
At the most recent meeting on Sept. 11, the county pushed for proper compensation for impacted small businesses, damaged public property, and traffic control devices.
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