Brooklyn Residential Project Secures $23 Million Loan
The former Polonaise Terrace site will become an eight-story apartment building with 60 units by 2028.
Updated on Oct. 15, 2026 in Commercial
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Double U Development has secured a $23 million loan to transform the former Polonaise Terrace site at 144 Greenpoint Avenue in Brooklyn into an eight-story residential building. The project, which includes 60 new apartment units, is scheduled for completion in 2028.
Why it matters
This financing enables the full conversion of a notable former concert and wedding venue into modern multifamily housing. By funding both acquisition debt and construction costs, the project adds density to the neighborhood under the city's 485-x tax exemption program.
The $23 million loan covers 100 percent of construction costs for the 60-unit development, which has an estimated total price tag of $30 million. The site was originally purchased by the developer for $8.9 million in January 2026.
The players
Double U Development
The property developer responsible for acquiring and redeveloping urban sites into new residential projects.
Colorado Federal Bank
The financial institution providing the capital necessary to fund the land debt retirement and construction costs.
New York City Landmarks Preservation Commission
The agency responsible for reviewing and approving changes to structures in protected or historic areas of the city.
The details
The development will replace the former Polonaise Terrace and Brooklyn Bazaar venue with an eight-story residential structure. Having received necessary approvals from the New York City Landmarks Preservation Commission, the developer will use the loan to retire existing land debt and finance the entirety of the upcoming construction phase. The project also utilizes the 485-x tax exemption to support its housing density goals.
Timeline
2016: Polonaise Terrace closed at the project site.
May 2025: Plans were filed for the building redevelopment.
January 2026: Double U Development acquired the property.
2028: Construction completion is scheduled.
The Home Front
This project utilizes the 485-x tax exemption to facilitate new residential construction on a historically significant site. It reflects a broader trend of repurposing former entertainment venues to meet increasing demand for multifamily housing in Brooklyn.
Neighbors near 144 Greenpoint Avenue should anticipate ongoing construction activity in the area leading up to the 2028 completion date. Those interested in future availability should track updates from the development team regarding the residential unit leasing schedule.
The takeaway
The transformation of the former Polonaise Terrace site highlights how developers are leveraging tax incentives to bring new housing to established neighborhoods. Prospective renters in the area should keep an eye on project milestones as the 60 units move toward their 2028 move-in target.
What happens next
Construction of the eight-story residential building is currently underway with a projected completion date set for 2028.
Further reading
Learn more about local market shifts at New York City Commercial.
Source note: This article includes information reported by Commercial Observer.
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