New York & Tri-State + Outer + Apartments | May 3, 2023

The Brodsky Organization Secures $150M for Brooklyn Multifamily Rental Building

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. Brodsky will lead the development in partnership with Avery Hall Investments,

Located at 499 President Street, the project will include 350 market-rate and affordable rental apartments, 20,000 square feet of ground floor retail, and residential amenities. The approximately 322,000-square-foot project will consist of studio, one- and two-bedroom apartments, with 75% of the residences being market-rate and the remaining 25% being affordable.

“We are very excited to announce the acquisition and beginning of construction of 499 President Street as we continue to expand our presence in Brooklyn,” said Thomas Brodsky, principal of The Brodsky Organization. “We look forward to delivering expertly designed, high-quality apartments and exciting local retail to the dynamic Gowanus neighborhood together with Avery Hall Investments.”

(Photo Credit: SLCE Architects)

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Emily Fu is Content Director of Connect Commercial Real Estate, where she covers the east coast markets, including New York, Boston & New England, and DC & Mid-Atlantic markets. She produces daily news stories as well as longer-form content, ranging from Q&As to thought-leadership pieces. She also writes feature stories for Connect Money. With previous stints at Reuters, Seeking Alpha, and Commercial Observer, Emily has covered the finance side of the commercial real estate industry, technology, media, telecom (TMT), and fashion. She attended the Columbia Graduate School of Journalism and currently resides in Manhattan.

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