Plans for a new eight-story apartment building at 885 Grand Street in East Williamsburg are moving ahead after the joint venture of Lemle & Wolff Development Co. and Alphonso Milo secured a $12.85 million construction loan from Sterling National Bank. Today, YIMBY also has the first rendering for the project.
The 83-foot tall structure will yield 37,700 square feet, with 27,660 square feet for residential use, and 2,330 square feet dedicated to commercial-retail space.
36 rental units will be created, averaging 768 square feet apiece. Prices for a one-bedroom will be between $2,350 and $2,600 per month and two-bedrooms will let from $3,400 to $3,800 per month.
The building will have a storage room with capacity for 18 bicycles, as well as enclosed parking space for three vehicles. Tenants will have access to a first-floor fitness center, roof deck, storage lockers, and a laundry room. The two eighth floor penthouse units will have private terraces.
Oaklander, Coogan & Vitto Architects will be responsible for the block and plank design, which will come with six private terraces in all.
Construction broke ground in June of last year, and leasing is scheduled to start in December of 2018. Twenty percent of the units will be designated for families earning sixty percent of the area’s median income.