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BROOKLYN, NY-Berkshire Capital will convert the former Verizon Building here at 7 Metro Tech Center into condos. The firm secured a $165-million financing package to complete the 244-unit project.
The 27-story, 509,000-sf Art Deco site was recently rezoned. The building will have a mix of studios, one-, two- and three-bedroom residences, along with 34,758 sf of retail in Downtown Brooklyn. Amenities will include a 24-hour concierge and fitness center.
Constructed in 1930, the building stands on the corner of Willoughby and Bridge streets. An architecturally distinguished building, it was recently named an exterior landmark by the Landmarks Preservation Commission.
New York City based Meridian Capital Group LLC arranged the financing which was secured through Credit Suisse First Boston by Meridian's Ronnie Levine. Meridian recently secured $160 million for the refinancing of the Trump Building at 40 Wall St. in Manhattan. The financing, secured through North Fork Bank, was the first direct financing that Meridian has done for the Trump Organization. Ralph Herzka, Moshe Majeski and Abe Hirsch negotiated the deal. Additional information regarding the financing was not available.
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