Lonicera Partners and Rabina have revealed preliminary renderings of 55 Willoughby Street, a 38-story residential tower in Downtown Brooklyn. Designed by Colberg Architecture, the structure will span 268,000 square feet and yield 295 apartments, 3,500 square feet of retail space, and more than 12,000 square feet of amenity space for residences.
Amenities will include a fitness center, a yoga studio, a communal lounge, a media room, coworking space, a rooftop terrace, a second outdoor deck, an indoor sky lounge, and bike storage.
With foundations already in the ground, 55 Willoughby qualified for the city’s now expired 421a tax abatement, which has allowed the developer to designate 89 apartments for affordable housing. The unit mix across both market-rate and affordable components will include studio, standard one and two-bedroom units, and junior-sized one and two-bedroom floor plans.
The renderings show the tower rising from a multistory podium and clad in earth-toned paneling framing a glass curtain wall. The most distinctive design feature is a cantilever on the eastern elevation that extends the massing of the structure over the roof of its adjacent neighbor.
To facilitate completion of the project, the developers secured a floating-rate loan through Santander Bank and City National Bank, as well as a JV equity investment by The Davis Companies.
“55 Willoughby will be one of the last beneficiaries of the 421a tax abatement program in New York City,” said Jeffrey Julien, a member of JLL’s debt and equity advisory team that represented the developers in the loan transaction. “The supply pipeline in Brooklyn is projected to significantly taper off, and there will be very limited competing product once this new luxury tower delivers.”
An estimated completion date has not been announced.