US$142 million raised for Majestic mixed-use development in Brooklyn

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US$142 million construction loan that will finance the construction of Majestic mixed-use development in Brooklyn, New York, has been closed by Domain Companies. The development will feature 255 multi-housing units and 18,000 square feet of commercial space. It is located at 540 DeGraw St. in the rezoned Gowanus neighborhood of Brooklyn.

The Urban Investment Group of Goldman Sachs Asset Management, Vorea Group, and Mega Development are partners in the project. The 12-story, mid-rise structure, which is due for completion in 2025, will have 25% of its flats designated as affordable. To provide dedicated studio space for neighborhood artists, the company is collaborating with Arts Gowanus. Further, they are aiming for a LEED Platinum certification for the building.

Featured amenities at the New York Majestic mixed-use development

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Majestic mixed-use development in Brooklyn will rise on the most prominent inland site right next to Thomas Greene Park. The latter is the only sizable public park and community pool in Brooklyn’s top mixed-use development area. The western two-thirds of Thomas Greene Park is being cleaned up by National Grid as part of an Administrative Settlement with the EPA.

Other improvements to the park will include an expanded pool and pool house, a playground, green space, and sports facilities. The Majestic mixed-use development in Brooklyn will be among the first to go up after 82 blocks of Gowanus were rezoned last year. This was done to meet the demand for long-term affordable housing in a neighborhood with good transit access.

Furthermore, it is situated in a Qualified Opportunity Zone close to highly regarded schools and the Smith Street retail corridor. The Carroll Street subway stop, which is served by the F and G lines, is six blocks away from the site. The F line travels four stations to Manhattan. Additionally, Atlantic Terminal is one stop away and Union Street Station, which is serviced by the D and R lines, is four blocks away. It is simple to drive to Manhattan from here through the Brooklyn Bridge or Battery Tunnel.