Friday saw the topping out of New York City real estate company Douglaston Development’s 1057 Atlantic Avenue, a 474,000-sq-ft, 456-unit multifamily rental development in Brooklyn’s Bedford-Stuyvesant neighbourhood.
It’s one of the last new developments eligible for a long-term tax exemption under the now-expired Affordable New York Housing Program.
It will have one-, two-, and three-bedroom apartments.
137 of them will be permanently affordable, with around two-thirds dedicated to people earning 60% of the area’s median income.
Douglaston Development’s affiliate, Levine Builders, is the contractor. Work is expected to finish in late 2025.
“We are excited to celebrate this topping out milestone as we move one step closer to delivering a vitally needed affordable housing option and market-rate offering to the Bed-Stuy community,” said Jeffrey E Levine, Douglaston Development’s founder and chairman.
As well as homes, the 17-storey complex will have 31,000 sq ft of ground-floor retail space and 35,000 sq ft of amenities including a gym, lounge, golf simulator, game room, screening room, children’s playroom, and landscaped roof deck.
Douglaston acquired the site for $66m from the partnership led by its co-developers BEB Capital and Totem, who assembled the site between 2019 and 2020 and applied for residential rezoning.
Work on its foundations started in May 2022.
