A 7-story Crown Heights mixed-use project will soon go up at a former Firestone Service Station in Brooklyn, New York. The project’s developer is Seventh Street Development Group and the firm intends to build a 162,000-square-foot structure at the site. In 2019, Seventh Street purchased the property and afterwards, it filled for the property’s demolition in September 2021.
Eastern Union, a top commercial real estate mortgage broker, secured a $62,250,000 loan for the Crown Heights mixed-use project. Abraham Bergman, president and co-founder of Eastern Union, arranged the mortgage along with Yossi Orzel, the company’s vice president. However, it was Invictus Real Estate, along with Maxim Capital Group and Beach Point Capital who provided the two-year floating-rate loan.
Development plans for the Crown Heights mixed-use project
The location of the Crown Heights mixed-use project will be at 1730 Bedford Avenue. The property will accommodate 57 multifamily units spread across 37,000-square-feet and a 33,000 square foot Lidl supermarket. Additionally, the project also includes a commercial space spanning 30,000-square-feet and 12,000 square feet of Class A office space. Residents will also have access to a 9,000 square foot community facility. Rise Architecture has been contracted as the project’s lead designer.
Seventh Street’s CEO, Jack Gold said it was a privilege to bring the Crown Heights mixed-use project to Brooklyn. Gold also praised Eastern Union for their assistance in securing the loan. Especially since, working with them had allowed Seventh Street to focus on the construction project while simultaneously sourcing the loan. Gold also pointed out that the Lidl grocery would also be a welcome addition to the neighborhood. He said his company is currently engaging in preliminary discussions with other national retailers about leasing opportunities at this property
Lidl’s senior director, Or Raitses, said his company was thrilled to bring a convenient shopping experience to Crown Heights. The grocery store at the mixed-use development will also provide a bakery, fresh produce, floral, meats and seafood sections. According to Lidl, the products at the grocery will be of high quality and have low prices.