The Brodsky Organization has secured a $155 million construction loan for a residential, mixed-use development in Gowanus, Brooklyn. M&T Bank and the Bank of New York have provided the financing to lead the development in partnership with Avery Hall Investments. Located at 499 President Street, this project will include 350 market-rate and affordable rental apartments alongside 20,000 square feet of ground floor retail space as well as residential amenities. The approximately 322,000-square-foot building will consist of studio units along with one and two bedroom apartments; 75% being market rate while 25% are designated affordable housing units.
Thomas Brodsky from The Brodsky Organization expressed his enthusiasm for their latest endeavor: “We are very excited to announce the acquisition and beginning of construction at 499 President Street as we continue to expand our presence in Brooklyn” he said before adding “we look forward to delivering expertly designed high quality apartments plus exciting local retail options into this dynamic Gowanus neighborhood together with Avery Hall Investments.” (Photo Credit: SLCE Architects)
