New Empire Lands $75M for Brooklyn Condo Project
The financing package includes a $58 million senior loan.
New Empire has obtained $75 million for 757 Flatbush Ave., a 131-residence condominium project in Brooklyn. The financing package includes a $58 million senior loan from Madison Realty Capital and a $17 million mezzanine loan from Naftali Credit Partners.
The developer will use the money to refinance existing debt and fund the remaining costs. Partners on the project include architecture firm Morali Architects and interior designer Paris Forino. Construction started last summer, with completion scheduled for late 2027.
The nine-story project is rising in Brooklyn’s Flatbush neighborhood, close to Prospect Park, and will be two blocks from the Parkside Avenue subway station for the Q line.
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The unit mix will include studio, one-, two- and three-bedroom floorplans with private outdoor and storage spaces. Amenities are set to comprise a fitness center, resident lounges, a movie theater, a pet spa and a music room. The project will also have 3,348 square feet of ground-floor retail space.
This is not the first time New Empire works with Naftali Credit Partners. The duo previously partnered for two NYC condo projects totaling roughly 200 units, namely 208 Delancey in 2020 and 24-01 Queens Plaza North in 2024.
Brooklyn condo market remains steady
New York City’s condominium market started 2026 on solid footing, supported by demand for well-located, move-in-ready product and buyers focused on quality, functionality and predictable ownership costs. In Brooklyn, limited boutique inventory in areas such as Greenpoint, Williamsburg, Gowanus and Prospect Heights helped sustain interest from younger move-up buyers seeking attainable luxury, supporting interest in new condominium developments across the borough.
At the end of last year, a partnership between Naftali Group and Access Industries landed a $525 million financing package to develop the second phase of Williamsburg Wharf, set to comprise 363 apartments across two buildings. The first phase came online last year, while the second phase will be delivered in 2028.
