# Brooklyn residential real estate development

> Live situation record from CLSTR: https://clstr.news/situations/brooklyn-residential-real-estate-development
> Updated: 2026-09-10T00:00:00.000Z. Sources: 2. Developments: 2.

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.

## Timeline

### 2026-09-10: 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 sources. https://clstr.news/cluster/s3-capital-provides-45m-for-brooklyn-apartment-development

### 2026-08-18: 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.

2 sources. https://clstr.news/cluster/downtown-brooklyn-developer-plans-three-99-unit-residential-buildings

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Cite as: Brooklyn residential real estate development. CLSTR, https://clstr.news/situations/brooklyn-residential-real-estate-development