HomeNewsFunding secured for construction of Brook mixed-use development in New York

Funding secured for construction of Brook mixed-use development in New York

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A project for the construction of Brook mixed-use development in New York has received US$ 388.4M in financing from Walker & Dunlop Inc.

The project is being developed by Witkoff and Apollo Commercial Real Estate Finance Inc. The latter is managed by a subsidiary of Apollo Global Management. It is located at the cross-section of Fulton Street, Flatbush Avenue Extension, and DeKalb Avenue in Downtown Brooklyn.

Features and amenities of the Brook mixed-use development in New York

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The 51-story mixed-use skyscraper will have 561 studio, one-, and two-bedroom apartments. In addition, it will also have around 30,000 square feet of common area. Moreover, there will be a pool with cabanas, a dog park, a fitness center, a half-basketball court, and resident lounges.

Also Read: 15 Hanover Place Development Project in New York Receives US$ 134M Shot in the Arm

17,200 square feet of ground-floor retail space will also be available at the building’s base. 14,000 square feet of retail space on the western side is expected to draw wholesalers and retail companies wishing to expand or establish a presence in Brooklyn.

The Brook mixed-use development in New York will reportedly take advantage of the Affordable New York and Inclusionary Housing programs.

Remarks on the project

According to Aaron Appel of Walker & Dunlop, “Brook mixed-use development in New York represented a once-in-a-generation chance to construct an exceptional mixed-use project at the center of Downtown Brooklyn’s current development boom” as one of the most highly sought-after development sites in Downtown Brooklyn.

“We are happy to add this one to the list. We have contributed to financing approximately 35 percent of Downtown Brooklyn’s recent projects. Aaron Appel, Keith Kurland, Jonathan Schwartz, Adam Schwartz, Michael Ianno, and Sean Bastian worked with Walker & Dunlop to secure the finance,” revealed Appel.

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