WeWork will stay open for business at 77 Sands Street in Dumbo, Brooklyn, but in a smaller footprint, the coworking company announced Monday. Landlords RFR and Kushner Companies agreed to modify WeWork’s lease to allow it to remain at the property at a discounted rent rate, according to a motion WeWork filed in U.S. bankruptcy court Monday.  WeWork signed on for 72,000 square feet in the 225,684-square-foot office building in 2015. It’s unclear how much space WeWork will occupy after the new deal. WeWork occupied at least five floors — where LoopNet reports floor plates of 14,800 square ..read more

ASG Equities has sealed $29 million of bridge financing for its mixed-use office asset in Bay Ridge, Brooklyn that will soon be anchored by New York-Presbyterian Hospital (NYP), Commercial Observer can first report. Bayview Asset Management provided the three-year, floating-rate loan on the sponsorship’s 502 86th Street property, which lost its anchor tenant TJ Maxx during the peak of the COVID-19 pandemic before inking a new 30-year lease with NYP last year to occupy 19,336 square feet in the building’s office portion.  The loan covers $14.7 million to pay off existing debt along with a ..read more

A joint venture between The Mann Group and True North Management has secured $27.7 million in financing to recapitalize a nine-asset portfolio of residential buildings with retail components across Brooklyn, Commercial Observer has learned.  Citigroup financed the recapitalization, while the JLL Capital Markets team of Scott Aiese and Alex Staikos arranged the financing on behalf of the sponsors. Citigroup provided $20.2 million for a seven-asset section of the portfolio, and a $7.5 million loan for a two-building portion of the portfolio.  Aiese described The Mann Group and True No ..read more

Clipper Equities has nabbed $110 million of construction financing to build a multifamily property in Brooklyn’s Flatbush neighborhood, Commercial Observer has learned. BHI and Be Aviv provided the loan on Clipper’s planned 227-unit apartment project at 2359 Bedford Avenue at the site of an old Sears auto center. Proceeds from the loan, which closed last Friday, will fund construction costs and refinance previous debt on the property from Valley National Bank. Ilana Druyan and David Kesselman led the deal for BHI, a U.S. division of Bank Hapoalim. Eyal Epstein originated the loan on behalf of ..read more

A company that specializes in going viral online needed more space in the material world — and found it in Brooklyn. Social media consultant Puff Media signed a five-year lease to leave its 1,850 square feet at Industry City to 15,329 square feet on the fifth floor of Building 6, in-house brokers at the Sunset Park, Brooklyn, development announced.  Asking rents in the building range from $32 to $39 per square foot, according to an Industry City spokesperson. Puff has been in the building for three years, taking about 1,000 square feet at first and later upgrading to its current space. L ..read more

Flexible workspace company Industrious opened its third Brooklyn location near the Williamsburg waterfront. Industrious inked a partnership agreement for 23,000 square feet on the second and third floors of the development at 360 Wythe Avenue, according to a spokesperson for the company.  The spokesperson did not disclose the terms of the deal with owner Tidal Real Estate Partners, but said the agreement — which usually includes revenue sharing — “positions Industrious and the landlord on the same side of the table, rewarding both parties for strong performance.”   The location ..read more

Goose Property Management has acquired a former industrial manufacturing property in Brooklyn’s Boerum Hill neighborhood  for $40 million, with plans to transform the land into a 200-unit multifamily complex, Commercial Observer has learned, The Brooklyn-based developer purchased 286 Bergen Street — which contains a fully approved 238,000-square-foot development site rezoned for residential use in 2022 — from Dillon Realty Interests (DRI) in a deal that closed Monday.    DRI completed a Uniform Land Use Review Process prior to the sale and received zoning approval for a mi ..read more

Clipper Equity has landed $105 million of construction financing to build a new multifamily project in Brooklyn’s Flatbush neighborhood. Valley National Bank provided the loan on Clipper’s planned 296-unit building at 2201 Beverly Road in a deal that closed March 20.  The project is part of a renovation Clipper is undergoing of a former Sears department store building, Crain’s New York Business reported Tuesday.  Valley National’s Jeff Puchin led the financing. Landstone Capital Group’s Leah Paskus negotiated the transaction.  PincusCo. First reported the loan. The 2201 Beverly ..read more

The Metropolitan Transportation Authority (MTA) has purchased a repair shop in Crown Heights, Brooklyn, that it has leased for a quarter of a century, according to public records.  The MTA paid former owner President Maintenance, affiliated with Taormina Holding founder and President Joseph Taormina, $25.3 million for the 57,000-square-foot property at 1590 Bedford Avenue.  Neither the MTA nor Taormina immediately responded to a request for comment on the transaction.  New York City Transit (NYCT), a branch of the MTA, has leased the building for its centralized repair and main ..read more

“Spread love, it’s the Brooklyn way,” Notorious B.I.G. once said. And Brooklyn-based TerraCRG is officially spreading that love with its new CEO.  Dan Marks, who joined the firm 13 years ago and a partner at the brokerage, was elevated to CEO this week, Commercial Observer can first report. Ofer Cohen, co-founder and CEO, will become TerraCRG’s chairman.  “It feels like a natural evolution,” Marks said. “I’ve been a partner now for seven years and worked very closely with Ofer and Melissa [that’s Melissa Warren, a founding partner and senior vice president] for 13. As we came out of ..read more