Haussmann Development Lands $39M for BK Rental Building
Haussmann Development has secured a $38.5 million construction loan for its project at 827 Sterling Place in Crown Heights, Brooklyn. The seven-story building will include 76 rental units, with 23 of them designated as affordable housing.
The total development cost for the project is $55 million, with Urban Standard Capital providing financing. Amenities in the building will include a fitness center, resident lounge, children’s room, bike storage, roof deck, and on-site parking. Construction is set to be completed by the summer of 2025.
“We are facing a housing crisis, and we will not be able to address that issue without robust development of all types in every corner of our city,” said Josef Goodman, principal of Haussmann Development, “There’s a scarcity of new, high-quality rental housing in central Crown Heights and we look forward to providing 76 unexplored homes for New Yorkers in one of its best neighborhoods.”
Emily Fu is Content Director of Connect Commercial Real Estate, where she covers the east coast markets, including New York, Boston & New England, and DC & Mid-Atlantic markets. She produces daily news stories as well as longer-form content, ranging from Q&As to thought-leadership pieces. She also writes feature stories for Connect Money.
With previous stints at Reuters, Seeking Alpha, and Commercial Observer, Emily has covered the finance side of the commercial real estate industry, technology, media, telecom (TMT), and fashion. She attended the Columbia Graduate School of Journalism and currently resides in Manhattan.