Big Greenpoint Development Site Changes Hands

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Excerpt from The Real Deal: An unidentified buyer snapped up a large development site in Greenpoint known as 49 Dupont Street, where as many as three residential towers could rise adding to several massive apartment projects planned nearby along Brooklyn’s East River waterfront.

Dupont Street Developers inked a contract with Joseph Folkman, president of 49 Dupont Realty Corp., in August 2012 to buy the property in a deal that was set to close by February 1, 2014, city record show. However, the sale did not close until Monday, Adam Glick, a principal with Midtown South-based Maxim Capital Group, said.

His firm lent the buyers $25 million for a two-year bridge loan, but he declined to disclose the identities of the buyers. Mortgage brokerage Eastern Union Funding’s Martin Zelcer originated the deal and his colleague Shaya Ackerman closed the loan. The bridge loan is for 24 month with one option to extend it for another year, Glick said. It was not clear if there were any sales brokers involved in the transaction.

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