[CLSTR]
< Back to situations

Monitor this situation.

[SITUATION] · [ACTIVE] · [BUSINESS]

2 clusters · 2 sources · 23 days · First seen · Last updated

Brooklyn residential real estate development

Overview

Residential development projects in Brooklyn are utilizing New York City’s 485-x tax incentive program.

In Downtown Brooklyn, developer Shimon Klein filed plans for a 297-unit project across three buildings near the former Macy’s complex. Each building is designed to contain exactly 99 units, a move observers suggest may be intended to access tax abatements while avoiding the $40 wage floor required for projects with 100 or more units.

In Williamsburg, S3 Capital provided $45 million in construction financing to GW Infinity for a 17-story, 99-unit multifamily building at 277 North Eighth Street. This project, situated on land under a long-term ground lease with the Roman Catholic Church of Our Lady of Mount Carmel, will designate 20 percent of its units as affordable housing.

Entities

GW Infinity · Greystone · Downtown Brooklyn · New York City Department of Buildings · Freddie Mac

Timeline

  1. 5 days ago

    [BUSINESS] 2 sources
    S3 Capital provides $45M for Brooklyn apartment development

    S3 Capital has secured $45 million in construction financing for a 99-unit apartment complex in Williamsburg, Brooklyn, featuring affordable housing components.

  2. 28 days ago

    [BUSINESS] 2 sources
    Downtown Brooklyn developer plans three 99-unit residential buildings

    Developer Shimon Klein plans to build three 99-unit residential buildings in Downtown Brooklyn, a structure that may allow the project to utilize tax abatements while avoiding specific wage requirements.

Sources

commercialobserver.com · marketwire.com