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)