Three years ago, developer Read Property Group negotiated a controversial residential rezoning of the former Rheingold Brewery properties in southern Bushwick. After neighbors fought for affordable housing there, Read sold the multi-acre industrial property to Rabsky Group and All Year Management, who didn’t have to honor Read’s promises for low income rentals. Now, All Year Management is pushing forward with construction on its two pieces of the site, at 123 Melrose Street and 28 Stanwix Street.
A tipster sent along these shots of concrete being poured for the foundation. The two-block property sits between Melrose and Stanwix streets and Evergreen and Flushing avenues, not far from the borders with Williamsburg and Bed-Stuy.
Designed by ODA New York, the pair of linked buildings will hold 800 to 900 rental apartments and span a million square feet. Twenty percent of the units will rent for below-market rates.
The development will feature a “complex system of interconnecting courtyards and common spaces,” according to The Real Deal, which added that the retail spaces will include coffee shops and art galleries. The 60,000-square-foot roof will host an urban farm as well as recreation and exercise spaces. An 18,000-square-foot park will divide the project.
All Year scooped up 123 Melrose Street for $68.5 million in November 2015, and spent an additional $72.2 million on 28 Stanwix Street in April 2016.
Rabsky also has big plans for their Rheingold site at 10 Monteith Street. ODA is once again designing the seven-story building, which Curbed accurately called a “jagged donut.” That development will have 392 apartments, a 25,000-square-foot landscaped rooftop, and a 19,000-square-foot inner courtyard. Rabsky also plans to set aside 20 percent of their units as affordable housing.
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