This week The Brodsky Organization announced the acquisition of 499 President Street in Gowanus, Brooklyn. The developer will partner with Avery Hall Investments to begin construction on a mixed-use multi-family residential building. When completed, 499 President Street will include 350 market-rate and affordable rental apartments, a range of resident amenities, and 20,000 square feet of ground-floor retail space. SLCE Architects is responsible for the design.
“We are very excited to announce the acquisition and beginning of construction of 499 President Street as we continue to expand our presence in Brooklyn,” said Thomas Brodsky, principal of The Brodsky Organization. “We look forward to delivering expertly designed, high-quality apartments, and exciting local retail to the dynamic Gowanus neighborhood together with Avery Hall Investments.”
Units in the 322,000-square-foot project will be a mix of studio, one-, and two-bedroom apartments with 75 percent of the residences designated as market rate and the rest as affordable housing available for residents at an average of 60 percent of area median income.
The amenity package includes resident lounges with coworking spaces, private dining and game rooms, a gymnasium and yoga studio, rooftop recreational space, and an outdoor swimming pool.
M&T Bank and the Bank of New York provided a $155 million construction loan to the Brodsky Organization to finance the construction of 499 President Street.
The development is located between Third Avenue and Nevins Avenue, a block from the Union Street subway station, serviced by the R train. It also falls within the Gowanus Neighborhood Rezoning, which was approved through the Uniform Land Use Review Procedure by the New York City Council in October 2022.
Construction will take approximately two years to complete.
Subscribe to YIMBY’s daily e-mail
Follow YIMBYgram for real-time photo updates
Like YIMBY on Facebook
Follow YIMBY’s Twitter for the latest in YIMBYnews
Market rate? Affordable? 7 stories= 50 apartments per floor?
Heckofa big footprint.
Except for the ground floor blank walls, this is a really great design above.
nice looking building, nice area, as for the affordable units 60 AMI AND THEN 130 AMI AND UP? what about the in between AMI, or lower AMI, can’t wait to see these high rents for the so called ‘affordable units’