ConnectOne backs Sunset Park development

ConnectOne Bank has provided a $22.3 million loan to Madison Realty Capital on the developer’s $37.6 million purchase of a commercial property in the Sunset Park neighborhood of Brooklyn, city property records show.

ConnectOne Bank has provided a $22.3 million loan to Madison Realty Capital (MRC) on the developer’s $37.6 million purchase of a commercial property in the Sunset Park neighborhood of Brooklyn, city property records show.

The seller, The Hampshire Properties, paid $18.5 million for the buildings in June 2013, property records show.

341The property is made up of two adjacent buildings at 341-353 39th Street, 10 and 7 stories tall, between 3rd and 4th Avenues, encompassing 162,951 gross sq ft, and it sits three blocks away from the six million sq ft mixed-use Industry City development, which is understood to be driving new businesses and development interest into the area.

MRC was not immediately available to comment by press time on the plans at the property, but Cushman & Wakefield noted in marketing materials that the property would be delivered vacant, and that its open floor plates and high ceilings provided a “blank canvas for an office use or a potential multifamily conversion.” C&W originally marketed the property, on behalf of The Hampshire Companies, for $49.75 million.

The neighboring Industry City is a 35-acre complex on the Sunset Park waterfront being redeveloped by Jamestown Properties, Belvedere Capital and Angelo, Gordon & Co. and aimed at TAMI (technology, advertising, media, and information) and manufacturing tenants. Tenants include MakerBot, Time Inc., Publicis Groupe, West Elm, the Brooklyn Nets, Gap and Serious Eats, according to local news reports.

Englewood Cliffs, New Jersey-based ConnectOne, founded in 2005, hired Mark Santasieri as to EVP and chief credit officer in November of 2014 to oversee the bank’s lending, loan portfolio and credit analysis. A spokesperson for ConnectOne did not respond to requests for comment.

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