Haussmann Development and Kriss Capital have secured a $38.5 million construction loan to complete a seven-story rental property at 827 Sterling Place in Crown Heights, Brooklyn. Designed by Issac & Stern Architects, the structure will yield 76 apartments, with 23 designated as affordable housing and financed through the now-expired 421-a tax abatement program. The property is located between Rogers and Nostrand Avenues.
The construction loan was provided by Union Standard Capital.
“827 Sterling builds on our recent success in Harlem and our strategy of providing much-needed housing in neighborhoods throughout New York City,” said Josef Goodman, principal of Haussmann Development. “There’s a scarcity of new, high-quality rental housing in central Crown Heights and we look forward to providing 76 new homes for New Yorkers in one of its best neighborhoods.”
A new rendering of the building, released alongside the financing announcement, shows a red brick façade with a standard punched window system and floor-to-ceiling glass on the ground floor. Above the sixth floor, the building sits back to make space for outdoor terraces.
Available units will range from studios up to two-bedroom floor plans. Amenity spaces will include a fitness center, a resident lounge, a children’s playroom, bike storage, a roof deck, and a parking garage.
Total construction costs are estimated at $55 million and the building is expected to debut by summer 2025. The parking garage that occupied the development site has already been demolished.