Bushburg and Moinian Group Secure $140M Financing for Landmark Brooklyn Dairy Factory Redevelopment

Financing the Transformation

The new financing follows a $105 million loan from Valley Bank and Cross River Bank, along with a $25 million gap mortgage, which funded the transformation of the landmarked Empire State Dairy Company building into a 14-story project.

Acquired by Bushburg in 2018 for nearly $17 million, the factory, which once produced milk for Empire State Dairy and later Borden, had been vacant for decades. The site, located at 2840 Atlantic Avenue, is now home to The Highland, a mixed-use development offering studio to three-bedroom apartments and commercial spaces.

A Historic Revival

Dattner Architects spearheaded the design, blending the historic factory structure into the project’s commercial space while constructing new residential units. The development preserves the architectural legacy of one of the few landmark buildings in the area, which pre-dates World War I.

Strategic Vision

Bushburg CEO Joseph Hoffman highlighted the company’s commitment to revitalizing the neighborhood. Originally described as East New York, Bushburg’s website now refers to the location as Cypress Hills.

Hoffman and the Moinian Group have expressed a shared vision to redevelop underutilized areas of Brooklyn while restoring architectural landmarks. The Highland, now completed, represents a significant addition to the neighborhood’s housing and commercial landscape.