Parkview Financial has provided $66 million in construction financing for developers to complete a new 131-unit multifamily rental building in Windsor Terrace, Brooklyn. Construction has already broken ground at 57 Caton Place, where the building will eventually rise nine stories above ground.
An Aview Equities affiliate, 57 Caton Place, LLC, is the entity credited as developer of the new building.
Designed by Gene Kaufman Architect, the façade will primarily comprise red brick masonry and industrial-style windows. Above the seventh floor, the building steps back to create large private balconies for some of the most premium units. Amenity spaces will include co-working space, a fitness center, a game room, and an outdoor roof deck.
The residential volume will span 130,569 square feet and comprise a mix of 14 studios, 55 one-bedroom units, 57 two-bedroom units, and five three-bedroom units.
“Parkview is pleased to finance yet another project in the New York City area with an experienced developer,” said Paul Rahimian, CEO and founder of Parkview Financial. “This project is in a prime location close to Prospect Park and is next door to the historic Prospect Park Stables/Kensington Stables.”
The developers utilized the local 421-A tax abatement program, which will freeze associated taxes for 25 years, and then limit the taxes for an additional ten years. As part of that program, 98 units will be priced at market rate, and a total of 33 will be reserved for affordable housing.
As revealed by YIMBY in 2018, designs for the building were originally credited to Morris Adjmi Architects. At that time, it was not clear which developer was responsible for the project.
Today, the Aview Equities project team has not announced an anticipated date of completion.
Previous rendering of 57 Caton Place that no longer represent the forthcoming property – Morris Adjmi Architects
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I can’t figure Kaufman out.
I love the modern and industrial design. This looks very nice.
But wait…Gene Kaufman?!
Explain to me how an owner has the sense and taste to hire Morris Adjmi and then change their mind and hire Gene ‘No sense and no taste’ Kaufmann? Bizarre.
I AGREE WITH YOU….ALSO GUARANTEE THAT ADJMI DID NOT HAVE THIS UGLY RED BRICK MATERIAL ..FOR SURE THAT THIS KAUFMANN IS THE ONE WHO CHANGED THE MATERIAL ..WHO ALSO RUINED 19W55TH ST NY BUILDING
THE ADJMI DESIGN FACADE WAS WHITE ..SEE FOTO ABOVE
Good morning I’m interested in a studio would like an application thank you Sincerely I work for trader Joe’s.
right next to the horse stables that give rides in Prospect park.
This construction can’t be good for the horses.
Are you saying that building a new building is going to kill horses? Are you seriously saying that?
This is ludicrous
Tax abatement
Poor people get no tax breaks
33 units Affordable Housing
We know how Affordable they will really be
I recently read articles about Affordable Housing programs across the country
It is such a money maker
for the elitist corporations/ builders of the U.S
How do I get info on renting a 3 bedroom. Want to come back to the neighborhood I lived in all my life
Wheres the grocery store they were talking about? They mentioned commerce at the ground floor anyone know?
(Affordable apartments) which really means high middle income which is close to market rate, instead of having low income, moderate income, in that neighborhood