Brooklyn Condo Tower Lands $81M
S3 Capital originated the financing for this luxury development.
Investmates has received $81 million in construction financing for 19-29 Clay St., a 68-unit luxury condominium development in New York City’s Brooklyn borough.
S3 Capital Partners originated the note for the new condominium development. The lender had also provided the original $12.2 million land loan back in 2022.
The New York State Department of Environmental Conservation and the New York City Department of Health initiated a remediation plan earlier this year for the 19-29 Clay St. site. The land parcel is registered in the state’s Brownfield Cleanup Program due to its long history of industrial use—such as an ironwork facility, other various factories and a medical device manufacturer.
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Designed by Bogue Trondowski Architect, the 14-story development will encompass one- to four-bedroom residences and approximately 14,000 square feet of ground-floor retail space when complete. Common-area amenities are set to include a swimming pool, a fitness center, coworking spaces, a rooftop, a landscaped garden, a children’s playroom, a pet spa, a cellar, outdoor space and parking spaces, among others.
Located between Commercial Street and Manhattan Avenue in the northern part of the Greenpoint neighborhood, 19-29 Clay St. is near Interstate 495. The property is also close to the Long Island City train station and Hunters Point ferry station, which provide easy access across the New York City metropolitan area.
From Greenpoint to the Gold Coast
The transaction adds to S3 Capital’s growing portfolio of bridge and construction loans nationwide. The firm has originated more than $7.7 billion to date, with recent financings spanning key markets such as New York City and Miami.
This May, S3 provided a $112 million construction loan for Oasis East Tower, a 250-unit luxury condominium project taking shape along the coast of Hallandale Beach, Fla. This is the final component of a mixed-use development that will also deliver restaurants and shops alongside residences.
More recently, the firm facilitated $255 million in construction financing for the first phase of 615 River Road, a $1 billion, 1,200-apartment mixed-use development located along New Jersey’s Gold Coast. Completion is expected by late 2027.
