Full-service commercial bank BHI said its commercial real estate group has provided $33.15 million in acquisition and construction financing to 251 Front Street LLC on behalf of CW Realty for the development of a new luxury rental complex in the Vinegar Hill section of Brooklyn.
Rising five stories and spanning approximately 65,000 square feet, 251 Front St. will have 59 residential units and 30 parking spaces. It’s located on the Vinegar Hill/Dumbo border on one of the last remaining undeveloped parcels in the Dumbo and Vinegar Hill submarkets.
“The developer CW Realty has a robust track record in the development of numerous office, residential and commercial construction projects in the New York City area, particularly in Brooklyn,” said Ilana Druyan, first VP, real estate international at BHI. “251 Front St. fits well with our strategic focus on multifamily and we welcome the opportunity to partner with the firm.”
Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces.
Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications.
Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).