Downtown Capital Partners makes a loan to fund completion of Albee Square, a Downtown Brooklyn 150 unit luxury rental and retail real estate development project. This article describes some of that process, as well as the contribution made by an ultra-orthodox Jewish community in developing this robust market.
Learning and earning: Hasidic Brooklyn’s real estate machers
By Mark Maurer
On the day before Thanksgiving, Yoel Goldman phoned one of his go-to lenders with an urgent request.
The Brooklyn developer, who heads All Year Management , wanted to score a construction loan for his Albee Square project by Monday, which gave him just one business day to make it happen.
The lender, Gary Katz of Downtown Capital Partners, reminded him of Thanksgiving. But Goldman, who is from the Satmar sect of the Hasidic branch of ultra-Orthodox Judaism, countered: “So you can’t work Thanksgiving tomorrow, but you still have all of today, Friday and Sunday.” Read more..