REBusinessOnline

Urban Standard Provides $1.3M Loan for Residential Redevelopment Project in Brooklyn

419-Manhattan-Avenue-Brooklyn

The site at 419 Manhattan Ave., which will be redeveloped to add more residential units, is located near McCarren Park, about five blocks from the Nassau Avenue subway station.

NEW YORK CITY — Urban Standard Capital, a New York-based lender, has provided a $1.3 million loan for the acquisition and pre-development of a 3,648-square-foot residential development site in Brooklyn. The property is located at 419 Manhattan Ave. and currently houses a retail and office building with a residential unit on top. The undisclosed borrower plans to redevelop the property to add two condos and a roof deck. Gerald Kray and Daria Benstead of Marcus & Millichap placed the loan.

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