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Restoration of Historic Jacob Riis Park Bathhouse Receives $48M Financing
CBSK Developers, Brooklyn Bazaar and Aulder Capital closed on $47.5 million in financing for the rehabilitation of the historic bathhouse at Jacob Riis Park in Queens. The large-scale preservation project will restore the 1932 building to its former glory after sitting underutilized for nearly half a century and transform the waterfront into an active hub with new restaurants, a bar, pool, event spaces and 28 hotel rooms.
The project is being financed through a $32.5-million construction loan from Procida and a $15-million historic tax credit equity investment from Foss & Company.
“Our vision for this project centers on preserving the storied past of the Jacob Riis Park bathhouse while revitalizing it to serve today’s beachgoers, and this closing milestone brings us one step closer to achieving that goal,” said CBSK’s Scott Shnay.
Brooklyn Bazaar and the National Park Service entered into a long-term lease agreement on the facility last October.
- ◦Development
- ◦Financing
