Double U Development has secured 23 million US dollars in construction financing to transform a former music and wedding venue in Brooklyn into apartments. Colorado Federal Bank provided the loan for the developer's 60-unit multifamily project at 144 Greenpoint Avenue in Brooklyn's Greenpoint neighbourhood.
The property housed the Polonaise Terrace wedding venue until 2016 before it was converted into the Brooklyn Bazaar concert hall. Double U acquired the property in January 2026 for 8.9 million US dollars from MacArthur Holdings, almost seven years after the closure of the Brooklyn Bazaar.
Financing and Project Scope
Richard Sutton of Parallel CRE negotiated the financing, which, in addition to construction costs, also repays the original land acquisition costs. Michael Weitzman, founder and CEO of Double U, filed plans in May 2025 to convert the vacant two-storey building into a multi-family and retail property.
Double U plans an eight-storey building, with completion scheduled for 2028. The estimated total project cost amounts to 30 million US dollars, with the 23 million US dollar loan covering 100 percent of the accrued construction costs, according to Sutton.
Approvals and Incentives
The development received the necessary approvals from the New York City Landmarks Preservation Commission and qualified for a 485-x tax exemption, as a portion of the residential units will be designated as affordable housing. At the time of reporting, no comments were available from Colorado Federal Bank or Double U Development.
- —Financing Volume: 23 million US dollars
- —Number of Residential Units: 60
- —Planned Completion: 2028
- —Estimated Total Project Costs: 30 million US dollars
