Two 21-story towers referred to as Society Brooklyn and Sackett Place will soon commence construction in Brooklyn, New York. The Carlyle Group and Property Markets Group have collaborated to build the mixed-use community in Brooklyn’s Carroll Gardens neighbourhood. Recently the developers secured $520 million in financing to cover the construction costs.
However, it was JLL who arranged the financing for Society Brooklyn and Sackett Place on behalf of the developers. The $520 million financing for the luxury waterfront towers comprised a $335 million construction loan and $165 million in LP equity. The developers expect construction on both buildings to reach completion by July 2024.
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Property Markets Group purchased the plots needed to build the project for $9 million in 2021. Afterwards, the developer commenced preliminary site work for the project. Thus far, the foundation work for the Society Brooklyn and Sackett Place tower project is almost complete. The development is taking place at 267 Bond Street and 498 Sackett Street in Gowanus, Brooklyn. Urban Atelier Group is serving as the project’s general contractor.
Development plans for the Society Brooklyn and Sackett Place towers
The tower at 267 Bond Street will be at the northern end of the Society Brooklyn and Sackett Place development site. Upon completion, the tower will occupy 364,000 square feet and feature 344 residential units. It will also include a 32,000-square-foot commercial component.
The reinforced concrete foundations at the 267 Bond Street site have reached street level. Steel rebar protrudes were placed across the property, forming the foundation of the building’s core and interior columns.
On the other hand, the tower at 498 Sackett Street will span 230,000 square feet upon completion. It will feature 173 residential units along with a 20,000-square-foot commercial component. The foundations have also reached the same stage as that of the 267 Bond Street site. SLCE Architects was responsible for designing both Society Brooklyn and Sackett Place towers.
Based on the Society Brooklyn and Sackett Place project’s design, both towers will ascend from podiums clad in brick. The towers will have landscaped amenity decks on top, with dark glass curtain walls across all four facades.
Additionally, identical glass-clad mechanical bulkheads will crown the towers. The design plan also includes a public waterfront esplanade, spanning nearly 20,000 square feet. It will offer spaces for raised garden beds, wooden tables and seats, as well as plentiful landscaping.
