The Brodsky Organization has secured construction financing for 499 President St., an upcoming multifamily community in Brooklyn’s Gowanus neighborhood. M&T Bank and the Bank of New York provided the $155 million loan. The project is being developed in partnership with Avery Hall Investments.
At full build-out, the 322,000-square-foot development will incorporate a mix of 350 studio, one- and two-bedroom market rate and affordable units and 20,000 square feet of ground-floor retail. Designed by SLCE Architects, the project is slated for completion in 2025.
The development will consist of 75 percent market rate residences and a 25 percent affordable housing component. The latter will serve residents earning 60 percent of the Area Median Income. The community will feature various amenities, including coworking spaces, private dining and game rooms, a gymnasium and yoga center, as well as outdoor rooftop amenities and a pool.
The building will be situated near the Union Street R Train station, within the boundaries of the Gowanus Neighborhood Rezoning. The initiative was subjected to the Uniform Land Use Review Procedure and received approval from the New York City Council in October 2022.
According to a recent Marcus & Millichap report, for the second time in seven years, the number of available housing units has fallen below the 20,000-unit mark due to rising construction costs, which have led to longer timelines for building. However, there is some hope on the horizon as over 50,000 rental units are currently in progress, indicating an increase in supply in the near future.
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