Douglaston Development has recently announced the topping out of 1057 Atlantic Avenue, a mixed-income multifamily rental development in Brooklyn’s Bedford-Stuyvesant neighborhood. The project spans 474,000 square feet and stands at 17 stories high with a total of 456 units.
The residences will consist of one-bedroom, two-bedroom, and three-bedroom options with about one-third designated as permanently affordable. Along with the residential units, there will be approximately 31,000 square feet of ground-floor retail space and an additional 35,000 square feet dedicated to resident amenities.
The site was acquired by Douglaston for $66 million and is being co-developed alongside BEB Capital and Totem. These partners were responsible for assembling the site as well as obtaining rezoning approval for residential use. Construction is expected to finish in late-2025 making it one of the last new housing developments eligible for long-term tax exemption under Affordable New York Housing Program which has since expired.
