Jonathan Landau’s firm, Landau Properties, has secured $213 million in financing for a new tower planned at 205 Montague Street in Brooklyn Heights. The funding consists of $113 million in senior secured debt from Northwind Group and $100 million in equity, which includes $25 million in preferred equity from Atlas Capital Group. The financing will cover both the acquisition and predevelopment phases of the project.
Landau Properties is partnering with the Mizrachi family’s Third Millennium Group and Midtown Equities on this development. The site was acquired by Midtown Equities for $33 million in 2010, and they remain involved as one of the project sponsors.
Plans filed nearly two years ago call for a 47-story mixed-use building that will include 46 condominium units, 90 rental apartments, and 40,000 square feet of retail space. Construction is scheduled to begin early next year. If completed as planned, the 672-foot tower would become one of the tallest buildings in Brooklyn Heights.
The press release does not clarify future plans for neighboring 195 Montague Street, which was included in earlier building applications.
Raffi Landau of Estreich represented Landau Properties during the transaction while Aaron Jungreis of Rosewood Realty Group represented Atlas Capital Group.
Ran Eliasaf, founder and managing partner at Northwind Group, said: “The project is well positioned to benefit from sustained demand in this supply-stricken neighborhood.”
Landau had previously commented at The Real Deal’s New York Forum that it is a “damn good time to be building in New York City.”
Since leaving Fortis Property Group, Jonathan Landau has focused on projects primarily located in South Florida. Earlier this month he reportedly sold out Indian Creek Residences & Yacht Club luxury waterfront development on Bay Harbor Islands and continues developing offices there.
