~$10.2M JV opportunity alongside a leading local sponsor in a $60.5M new mixed-use building in Brooklyn’s Boerum Hill neighborhood. The property is situated near Downtown Brooklyn and is one block from the Gowanus Canal, a massive redevelopment zone with more than 6 million square feet of new real estate currently under development.
The project features a corner lot with ~80,000 sq ft total buildable area. The configuration is expected to include ~80 apartments and 2,500 sq ft of retail space, in addition to amenity and outdoor space.
The property is eligible for a rare combination of both Opportunity Zone tax benefits and potentially the 421-a property tax abatement.
The development team has extensive experience with construction in New York City and has successfully developed similar properties in the vicinity of the project site.
Sponsor and its affiliates will invest approximately 20% of the required capital and as such will be closely aligned with project investors.
PROJECT HAS A SHORT FUSE, CONTACT US ASAP IF INTERESTED.