Boerum Hill building, constructed in 2017, in danger of foreclosure

February 18, 2025 Brooklyn Eagle Staff

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BOERUM HILL — A LUXURY MIXED-USE BUILDING at Atlantic Avenue and Boerum Place is in danger of foreclosure after having failed to pay off $70 million in loans since Jan. 1, reports Crain’s New York Business. Wells Fargo, the lender, sued the owners of 241 Atlantic Ave. last week Wednesday in Kings County Supreme Court. The 11-story building, which was built in 2017 on a former parking lot, houses several national retailers, including Marshall’s, Sleep Number and Planet Fitness, and also has 74 apartment units.

Defendants in the suit include members of the Cayre family, who share ownership in the building; in particular, Joe Cayre, who founded Midtown Equities, and Bobby Cayre, who established the Meatpacking District landlord Aurora Capital Associates. The city register shows two loans, one for $50 million and another for $10 million, that the building’s developers failed to satisfy by the maturity-date deadline of Jan. 1. However, the aforementioned Aurora Capital also told Crain’s last week that a deal to prevent foreclosure was being negotiated.

The developers apparently kept current on payments and 241 Atlantic Ave. has a 90% commercial occupancy and 100% residential occupancy. Rental units, all filled as of January, were going for $4,200/month.

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