A 46,000-square-foot site has been acquired for the development of Douglaston Development’s 1057 Atlantic Avenue project in New York. Additionally, the project’s developer, Douglaston Development, closed financing to build the 17-storey, 456-unit mixed-income multifamily rental apartment on the property.
Wells Fargo Bank led the $185 million construction financing for Atlantic Avenue, partnering with M&T Bank as Joint Lead Arranger. BankUnited also actively participated in the facility. Douglaston partnered with BEB Capital and Totem, who have also invested in the $320 million development. The developer also hired Greystone Capital Advisors as the exclusive advisor for arranging the project’s full capital stack.
This project also qualifies for a long-term tax exemption under the expired Affordable New York Housing Program.
Douglaston Development’s 1057 Atlantic Avenue project overviewÂ
Upon completion, 1057 Atlantic Avenue will provide 456 residential units in a community located at the intersection of three vibrant neighbourhoods. These neighbouring areas include Bedford-Stuyvesant, Crown Heights, and Clinton Hill. The development comprises one-bedroom, two-bedroom, and three-bedroom residences, including 137 permanently affordable units. However, two-thirds of the affordable units will be allocated to individuals earning 60% of the area median income (AMI).
1057 Atlantic Avenue features 31,000 square feet of ground-floor retail space and 35,000 square feet of modern resident amenity spaces. Residents will enjoy access to facilities such as a gym, lounge, golf simulator, game room, screening room, and children’s playroom. In addition, the property also includes a landscaped roof deck providing panoramic views of Brooklyn and the Manhattan skyline.
The renderings for 1057 Atlantic Avenue reveal that it will have five street-facing volumes. They are clad in different panelling tones and feature a staggered grid of floor-to-ceiling windows. A dark grey panelling upper volume emerges above the 12th and 13th-floor setbacks, while the ground-floor retail frontage showcases full glass cladding.
Douglaston Development’s chairman, Jeffrey Levine said his company was excited to bring 1057 Atlantic Avenue to residents of Bed-Stuy. Especially since this best-in-class housing option is coming at a time when New York City needs more affordable housing. Douglaston Development expects the project to reach completion by the end of 2025.
