Double U Development secures $23M Colorado Federal Bank loan for Greenpoint apartments
The 60-unit project at 144 Greenpoint Avenue carries an estimated $30 million total cost and is slated for 2028 completion.
At a glance
Double U Development has secured $23 million in construction financing from Colorado Federal Bank for a 60-unit apartment project at 144 Greenpoint Avenue in Brooklyn's Greenpoint neighborhood, Commercial Observer first reported.
Parallel CRE's Richard Sutton negotiated the debt, which retires past land acquisition debt in addition to funding construction.
The development received necessary approvals from New York City's Landmarks Preservation Commission and qualified for a 485-x tax exemption because a portion of the units will be designated affordable housing.
Double U Development has secured $23 million in construction financing from Colorado Federal Bank for a 60-unit apartment project at 144 Greenpoint Avenue in Brooklyn's Greenpoint neighborhood, Commercial Observer first reported. Founder and CEO Michael Weitzman filed plans in May 2025 to turn the vacant two-story property into an eight-story multifamily and retail building, Commercial Observer reported at the time.
The site held the Polonaise Terrace wedding venue until 2016 and later the Brooklyn Bazaar concert hall. Double U bought the property for $8.9 million in January 2026 from MacArthur Holdings, nearly seven years after Brooklyn Bazaar closed.
Parallel CRE's Richard Sutton negotiated the debt, which retires past land acquisition debt in addition to funding construction. Sutton said the loan funds 100 percent of go-forward construction costs, and at $23 million it equals about 77 percent of the $30 million in estimated total project costs.
The development received necessary approvals from New York City's Landmarks Preservation Commission and qualified for a 485-x tax exemption because a portion of the units will be designated affordable housing. The eight-story project is slated for completion in 2028.
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