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2840 Atlantic Avenue Update 05/26/22

$105M Loan Secured for the Expansion of a Brooklyn Landmark

Lenders, Valley Bank, and Cross River Bank have issued a $105 million loan to fund a major expansion and restoration of the Empire State Dairy Building, located at 2840 Atlantic Avenue in East New York, Brooklyn.

Originally constructed in 1915, the structure was purpose-built as a dairy distribution center. Although looking a bit decrepit in its current state, it was landmarked by NYC's preservation commission in 2017 and is significant for its fine architectural details. The facade is slated for an extensive restoration that will bring it back to its glory days.

In a joint development effort between Bushburg Properties and The Moinian Group, the historic structure will also receive a massive, 14-story expansion. It will contain rental apartments, offered in studio, one, two, and three-bedroom configurations. These will be a mix of market-rate and affordable housing units.

Tenant amenities will include luxurious apartment interiors, a fitness center, residential lounges, a rooftop deck, and multiple outdoor dining areas. The building will also have ground-floor retail space, community facilities on the top two floors, and an enclosed parking garage with enough room for vehicles.

Designed by , the new development will stand feet tall and total square feet. Construction is estimated to take until 2024 to complete.

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