Douglaston Development has announced the acquisition of a 46,000-square-foot development site at 1057 Atlantic Avenue and the closing of financing for a 474,000-square-foot, 17-story, 456 unit mixed income multifamily rental development in Brooklyn. The project is valued at $320 million and will be one of the last to qualify for long term tax exemption under recently expired Affordable New York Housing Program. Wells Fargo Bank led $185 million construction financing with M&T Bank and BankUnited as partners.
Ares Real Estate acquired preferred interest in this project while BEB Capital and Totem co invested as co developers. This development will feature mix of one bedroom two bedroom three bedroom residences with 137 units permanently affordable along with ground floor retail space & resident amenities . Construction is underway & expected to be completed by late 2025 .
