The event juggernaut in Brooklyn’s resurgent Gowanus neighborhood gained more momentum with a vital construction loan this week — however the state’s refusal to increase the 421A tax-abatement program could spell an end to it.
On the heels of the Brodsky Organization’s construction launch on a mixed-use, mixed-income tower at 499 President St., where it took over the driving force’s seat from partner Avery Hall Investments, Gindi Capital and Avery Hall closed on a $110 million construction loan from Affinius Capital for a 193-unit rental tower at 204 Fourth Avenue.
The loan allows vertical construction to begin immediately. Gindi and Avery bought the positioning in 2019 but work had only reached the inspiration stage.
The project will “deliver much-needed mixed-income housing, state-of-the-art design, and exciting recent retail for Gowanus — and couldn’t be more transit accessible,” Gindi principal Eli Gindi said. The location is directly on top of the Union Street R line subway station.
Meanwhile, Domain Corporations is to top off next month at 420 Carroll St., a 360-unit, amenities-laden, mixed-income rental apartment complex on the Gowanus Canal.
The President Street project landed a $155 million construction loan from M+T Bank and Bank of Latest York.
Development principal Thomas Brodsky said: “We sit up for delivering expertly designed, high-quality apartments and exciting local retail to the dynamic Gowanus neighborhood along with Avery Hall Investments.”
Gindi Capital and Avery Hall secured a $110 million construction loan for a 193-unit rental tower at 204 Fourth Avenue.Credit: Depict
420 Carroll St. can be a 360-unit, amenities-laden, mixed-income rental apartment complex on the Gowanus Canal.
All three projects were made possible by 2022 rezoning to permit larger buildings in the realm. Additionally they occur to be among the many last to beat the 2026 completion deadline under the expired 421A program, which granted builders tax abatements in exchange for including below-market-price apartments.
The state Legislature declined to increase the 421A deadline, which Gov. Kathy Hochul had sought — leaving planned construction of hundreds of other units in limbo.
