Terra Developers lands $70M loan in Long Island City

February 13, 2026 / no comments

Another project is springing up in Long Island City, receiving the benefit of $70 million in construction financing. Maxim Capital Group provided Queens-based Terra Developers with the financing package for the project at 11-33 44th Drive in Long Island City’s Hunters Point neighborhood, the Commercial Observer reported. The financing will support an eight-story, 113-unit project with ground-floor retail space and 23 parking spots. “The project combines strong fundamentals: a well-located site, seasoned local sponsors with market expertise, and a compelling condominium price point,” Maxim Capital managing director Josh Greene said. Newmark’s Max Ralby arranged the debt. Terra and its fellow […]

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HAP’s East Harlem rental portfolio goes back to lender, firm appears shut down

February 13, 2026 / no comments

Eran Polack’s troubled HAP Investments lost control of three Harlem rental buildings and his firm appears to have shuttered entirely. The commercial real estate lender Ladder Capital, which was owed roughly $69 million, submitted $1 million credit bids for each of the buildings at 2211 Third Avenue, 329 Pleasant Avenue and 2338 Second Avenue at an auction last month. The trio of multifamily properties was part of HAP’s once-ambitious push into Upper Manhattan. The foreclosure sale was first reported by PincusCo. The foreclosure adds to the mounting troubles for HAP. Hundreds of Israeli investors lost a collective $70 million after […]

This article originally appeared on The Real Deal. Click here to read the full story.

Charney wants to turbocharge Fort Greene condo project

February 13, 2026 / no comments

Not satisfied with a 158-unit condominium project in Fort Greene, Sam Charney has a plan to go even bigger in the Brooklyn neighborhood. Charney Companies is seeking a transit bonus authorization to expand the development at 95 Rockwell Place, Crain’s reported. The firm filed an application with the Department of City Planning on Wednesday. Charney filed permits for the project in 2023, planning a 40-story building with 161,000 square feet of total space. The authorization application calls for another 10 stories and approximately 50 additional units, along with nearly 34,000 square feet of extra space. If approved, the project would […]

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State taps nonprofits to transform neglected Brooklyn site into housing 

February 13, 2026 / no comments

After years in limbo, a troubled state-owned building is changing hands and getting a makeover.  Gov. Kathy Hochul on Friday announced that a nonprofit partnership made up of the Fifth Avenue Committee, Bedford Stuyvesant Restoration Corporation and One Brooklyn Health will take over 1024 Fulton Street, a three-story building in Clinton Hill that has sat vacant since the ’90s.  The state will demolish the building to make way for 125 rental units, which will be affordable to those earning between 30 percent and 80 percent of the area median income. The project will also include 27,000 square feet of community […]

This article originally appeared on The Real Deal. Click here to read the full story.