Mortar Group Closes on the Acquisition of a New Development in Williamsburg Brooklyn

Written by Aura Lane on 14 May 2022

Mortar Group Closes on the Acquisition of a New Development in Williamsburg Brooklyn

Mortar Group, a New York-based Real-Estate Development Firm, announced that it has closed on the acquisition of a new development site at 30 Bushwick Avenue. Located at Williamsburg, Brooklyn, construction on the new building will begin Summer 2022, and will become the home to a new eight-story, 24-Unit, 24,000-SF residential development. 30 Bushwick combines the appeal of being located in a popular and well-known New York neighborhood, the downside protection of a low acquisition basis, and the upside of a growing residential Brooklyn neighborhood with excellent access to transportation, vibrant retail corridors, and direct proximity to some of Brooklyn’s primary cultural institutions. In recent years, Mortar has worked on many successfully completed real estate projects in the New York City area. Most recently, in 2021, the Architect + Development team completed several boutique developments, namely, 91 Diamond Street, as well as 33 Frost Street and 340 Metropolitan Avenue in Brooklyn. Anthony Morena, Principal and Founder of Mortar, added, “As market prices continue to rise in New York, we have remained focused on working in established neighborhoods… We feel this location is a prime, high-quality area for development, and we are excited to get started on this new venture.” About Mortar:Mortar Group represents a premier real estate development and asset management firm with over 80 years of collective experience and expertise in construction, real estate development, and investments - having successfully completed over two dozen real estate projects in New York City. Mortar is a vertically integrated firm with completed assets valued over $225 Million, and over 300 active investors participating in their projects, establishing them as an expert in their market. Mortar is a uniquely qualified company established to create value in New York’s highly competitive multi-family real estate market: their in-house resources allow them to fulfill every role of the real-estate process as architect, developer, and asset manager. Specializing in multi-family Ground Up construction and Value Add Real Estate, Mortar’s streamlined process maximizes efficiency, increases value, and minimizes risk across complex deal structures. Mortar’s comprehensive resources allow them to outmaneuver other real estate investment firms and has led to over two decades of success and investor growth. To learn more, visit mortargroup.com. Press Contact: Francesca [email protected] Source: Mortar Group