Gowanus Lounge: Serving Brooklyn

Development Notebook: Burg Bldg From Calif. Teachers & Lehman Bros. Rising

October 10th, 2008 · 1 Comment

Work is moving ahead at 40 Berry Street, which will be a seven-story, 142-unit rental building from the studios of Perkins Eastman. The site has had its issues both with oil on the site from ruptured tanks and with dangerous conditions at the site itself, which led us to dub it the Mud Pit of Death. It’s even more interesting because the investors include the California Teachers Retirement Fund and the obscure Wall Street firm called Lehman Brothers. Work is clearly plowing ahead, so it looks like the financing is safe even if former Lehman Bros. employees may not be able to afford the rent once it’s done.

Tags: Construction Issues · Development Notebook · Williamsburg

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