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Douglaston Development Acquires BK Site for Mixed-Income Development
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, New York.
The project, valued at $320 million, will be one of the last to qualify for a long-term tax exemption under the recently expired Affordable New York Housing Program. Wells Fargo Bank led the $185 million construction financing, partnering with M&T Bank and BankUnited.
Ares Real Estate acquired a preferred interest in the project, while BEB Capital and Totem co-invested and will serve as co-developers. The development will feature a mix of one-bedroom, two-bedroom, and three-bedroom residences, with 137 units permanently affordable. It will also include ground-floor retail space and resident amenities. Construction is underway and expected to be completed in late 2025.
- ◦Development
