Financing · Flatbush
757 Flatbush Avenue lands $52.2M
The project is an eight-story, 131-unit residential building designed by Morali Architecture and developed by New Empire Corp., replacing a row of one-story commercial buildings.
- Amount
- $52.2M
- Type
- Financing
- Date
- Jun. 2026
757 Flatbush Avenue, Brooklyn, NY
Recorded in NYC property records.
- Borrower
- 757 Flatbush Ave 1 LLC
- Recorded financing ($52.2M) is notably less than the roughly $92M New York YIMBY previously reported for the project's construction loan.
- The project's unit count dropped from a 2022-announced 150 units to 131 at 2025 groundbreaking, unexplained.
- The eight-story building replaces a row of one-story commercial buildings; construction broke ground August 2025, completion targeted fall 2027.
Overview
The already-under-construction project at 757 Flatbush Avenue picked up confirmed financing activity in June 2026: three mortgages and loan agreements, totaling $52.2 million, recorded the same day across the assembled parcel at 757, 761, 763, and 765 Flatbush Avenue plus 21 Lenox Road. All three run between NERE Flatbush Management LLC and 757 Flatbush Ave 1 LLC -- ACRIS's party-role fields don't cleanly distinguish lender from borrower on these documents, so no lender name is asserted. A separate assignment document also names Pacific National Bank. The $52.2 million recorded here is notably less than the roughly $92 million previously reported by New York YIMBY for this project's construction financing -- a gap this record doesn't resolve.
The project itself is an eight-story, 131-unit residential building designed by Morali Architecture and developed by New Empire Corp., per New York YIMBY. The 82-foot-tall, 140,000-square-foot building sits on a 40,000-square-foot interior lot between Clarkson Avenue and Lenox Road, replacing a row of one-story commercial buildings, and will include ground-floor retail with 125 feet of frontage, more than 75 enclosed parking spaces, and amenities including a 24/7 attended lobby and fitness center. The nearest subway is the Q train at Parkside Avenue, next to Prospect Park. Construction broke ground in early August 2025 with completion targeted for fall 2027; sales and marketing are being led by One Realty Global.
This already-tracked project -- whose unit count has dropped from 150 to 131 between its 2022 announcement and 2025 groundbreaking, unexplained -- now has confirmed financing activity on the record, though it raises as many questions as it answers about the project's real capital structure.
Parties Involved 3 recorded
Basis
Named as party2 on all three financing documents (docs 2026062201095002, -004, -006) -- read as the project's development entity based on its name and context, though ACRIS's own party-role fields don't cleanly confirm it as the mortgagor.
Basis
Named as party1 on all three financing documents. ACRIS's role convention for these document types does not distinguish lender from borrower, so no role is assigned.
Basis
Named as party1 on the event's $0 assignment document (doc 2026062201095001), with 757 Flatbush Ave 1 LLC as party2.
Counts and combined values are computed from Hush Street’s own published Deal records only. “Combined” is the total value of the transactions a party appears on, not capital deployed by that party, and two parties on the same transaction each reflect its full amount. Not a career or market total.
Marks shown are Hush Street editorial monograms, generated from each party’s recorded name — not official company logos.
Property & Project
Sources & Recordsverification, citations & data notes
- ACRIS Document Detail -- mortgage, $34,000,000 — NYC ACRIS
- ACRIS Document Detail -- loan agreement, $9,150,000 — NYC ACRIS
- ACRIS Document Detail -- mortgage, $9,050,000 — NYC ACRIS
- Foundation Work Underway at 757 Flatbush Avenue in Flatbush, Brooklyn — New York YIMBY