M&T Bank and The Bank of New York Mellon have come together to provide a $105M construction loan to Brause Realty and the Gotham Organization for their 270-unit apartment project that is currently underway in Long Island City.
“It’s a sign of the continued strength of the market,” David Brause, president of Brause Realty told Real Estate Weekly while discussing the loan. “You have two major banks that are certainly putting their money where their mouth is. We’re certainly putting our money where our mouth is.”
The 33-story finished product will stand at 44-28 Purves Street near Court Square.
Brause praised Long Island City as a “fantastic market” and pointed to the growth that the area has undergone in recent years. The project, which is slated for completion in 2017, will hold 266,000 s/f of space.