Alloy Secures $290M Permanent Financing for NYC’s First All-Electric Skyscraper

Alloy Development has secured $290 million in permanent financing for 505 State St., reportedly New York City’s first all-electric skyscraper, located at the intersection of State Street and Flatbush Avenue in Downtown Brooklyn.

The financing from New York Life Real Estate Investors replaces a $210-million construction loan from Goldman Sachs and Related Companies and establishes Alloy as the building’s sole equity stakeholder, taking out preferred equity partner Ares Management. Financing was arranged by JLL, with a team led by Chris Peck, Peter Rotchford and Nicco Lupo.

505 State Street is part of the first phase of the Alloy Block, a mixed-use development designed by Alloy. Construction on the 44-story tower began in July 2021 and was completed this past July. Powered by 100% renewable solar energy from two local community solar developments, the building features 441 rental apartments, including 45 affordable units, and is now 85% leased.

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 7-10 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

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