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Clipper Equity, a real estate development firm led by David Bistricher, has secured $24 million in financing to restore and renovate the Sears Building, an aging Art Deco structure in the Flatbush neighborhood of Brooklyn, Commercial Observer has learned.
Cross River originated the bridge loan. Cross River’s construction lending team, led by John Carella and Adam Ehrenreich, led the origination efforts for the renovation financing. Landstone Capital Group’s Leah Paskus arranged the financing on behalf of the sponsor.
Shimon Eisikowicz, executive vice president and chief lending officer at Cross River, called the financing “a landmark deal” in a statement.
“Our keen focus on market dynamics and ability to strategically tailor financial structures, reflects our agility in adapting to evolving market trends and challenges,” said Eisikowicz.
Located at 2307 Beverly Road, The Sears Building first opened in 1932 and served as a department store for the once iconic brand for 89 years before the building closed to customers in 2021.
The Sears Building achieved landmark status in New York City and was famous in Flatbush for its 100 foot tower that defined the intersection of Beverly Road and Bedford Avenue and complimented the Art Deco architecture of the Kings Theater 1929 movie palace directly across the street.
Clipper Equity plans to renovate all four floors and lease the renewed interiors to office or grocery store tenants. The redevelopment of the Sears Building will underpin Clipper Equity’s vision to eventually redevelop the entire block through the ground-up construction of 900 residential units on the block and lot.
Brian Pascus can be reached at bpascus@commercialobserver.com
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