BHI, the U.S division of Bank Hapoalim and a full-service commercial bank, provided $95 million in construction financing to developers David Bistricer and Anshel Friedman to build a 226-unit multifamily rental building located at 2359 Bedford Ave in the Flatbush neighborhood of Brooklyn, New York. The financing will be split evenly between BHI and Bank Hapoalim.
David Bistricer is a real estate professional who develops, owns and manages a diversified portfolio of properties across New York, particularly Manhattan and Brooklyn. He specializes in the conversion of non-residential buildings to residential uses.
Anshel Friedman is a real estate professional who focuses his energy in Brooklyn, New York. After having developed over 500 residential lofts, he now focuses on ground up developments, consisting of rehabbing existing buildings, conversions from commercial to residential, and gut rehabbing all across the Greenpoint, Williamsburg, and Bushwick areas of Brooklyn.
The property will be a mixed-used rental building located in a strong Brooklyn Flatbush neighborhood bordered by Prospect Park to the north, East Flatbush to the east, Midwood to the south and Kensington to the west. The area is in close proximity to several institutions, including Brooklyn College and has excellent access to public transportation, being minutes away from major subway lines such as: Q, B, 2, 5.
2359 Bedford Ave will offer over 148K of net rentable residential square footage across 226 units, comprised of 86 one-bedroom units, 68 two-bedroom units and 72 studio apartments, with 30% of the overall unit mix designated for affordable housing.
The property will also include approximately 23K square feet of commercial space and storage, including approximately 10K of retail.
“The Flatbush multifamily submarket has maintained sub-2% vacancy rates for more than a decade now due to strong demand and constrained supply,” said David Bistricer. “It’s advantageous to have a partner like BHI that intuitively understand not only the strategy behind our decisions but also match the speed with which we need to operate to capitalize on these developing opportunities. We’re excited to partner with them on this project and look forward to additional ways to collaborate ahead.”
“Classifying David Bistricer and Anshel Friedman as experienced developers with a remarkable track record for success almost feels like an understatement when you consider the profound domain expertise that both bring to this coveted and compelling submarket of New York multifamily real estate,” said David Kesselman, Vice President of Commercial Real Estate at BHI. “BHI is not only excited about this tandem’s execution of the project at hand, but we look forward to continually expanding our relationship with these developers as they set their sights on ways they can keep scaling their objectives to deliver exceptional inventory in this highly-desirable submarket.”