Gindi Capital, Avery Hall Secure $110M Construction Financing for 204 4th Avenue in Gowanus, Brooklyn

Rendering of 204 4th Avenue in Gowanus, Brooklyn. Courtesy of Depict.

This week Gindi Capital and Avery Hall closed on $110 million in construction financing for the development of a 13-story, 193-unit mixed-use, mixed-income building at 204 4th Avenue in Gowanus, Brooklyn. Located at the intersection of the Gowanus and Park Slope neighborhoods on a full city block between Union and Sackett Street, the ground-up construction will also have an  expansive amenity package including a rooftop lounge and pool. Affinius Capital LLC provided the construction financing for the project with financing arranged by Christopher Peck and Peter Rotchford of JLL.

“By creating high-quality housing at a range of income levels with a full suite of amenities in one of the most exciting parts of Brooklyn, our project will transform a once-vacant site into a vibrant hub that strengthens the community,” said Avery Hall partner Brian Ezra. “Bringing more rental housing online in the neighborhoods that need it is critical to easing the city’s housing crisis in the long term, and we are proud to work on this project with partners that share in our vision for the site.”

The full range of amenities also includes a coworking space, children’s playroom, fitness center, pet-washing station, tenant storage, and a bike room. The new development will also have 14,000 square feet of ground-floor retail space with frontage on Union Street and 4th Avenue.

“Avery Hall and Gindi Capital both have strong track records building high quality multifamily projects throughout Brooklyn and we are delighted to partner with them,” said Affinius Capital managing director David Greenburg. “The rezoning of Gowanus has encouraged the creation of a highly amenitized submarket that we look forward to being part of.”

Ground broke in 2022 and construction is expected to be completed in 2024.

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3 Comments on "Gindi Capital, Avery Hall Secure $110M Construction Financing for 204 4th Avenue in Gowanus, Brooklyn"

  1. The developer applied for and was granted a subway improvement bonus by providing a subway elevator for the Union St Station in exchange for approval to add square footage and build to the max height of 17 stories. This story mentions nothing and the rendering depicts the 13 story version. What gives?

    • Correction: Previous reporting did not confirm a 17 story height, just an increase of 50,000 sq ft if the transit easement upgrade was approved, which according to NYC Zoning was approved April 2022.

  2. gowanus neighborhood is starting to transform, around the corner from that development sits whole food supermarket, which is also great, definitely a good neighborhood, I hope those ‘affordable units’ if it will be labeled as such, have truly affordable units for all mixed income, maybe 30,31-50,60-70,80 and up might work, and going forward many more truly affordable housing units going up in that area, not to forget my elders, senior housing as well, fingers crossed

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