BEB Capital and Totem, in partnership with Ofer Cohen and SK Development, have secured financing for a new residential development at 737 4th Avenue in Sunset Park, Brooklyn. The structure will yield 187 residential units with 46 designated as permanently affordable homes with a target average price of 48 percent of the area median income, as well as a ground-level retail space. Walker & Dunlop facilitated the $143 million loan for the 193,000-square-foot, 14-story project.
737 4th Avenue is also planned to include a community benefits agreement to ensure local job creation, in addition to utilizing Minority and Women-owned Business Enterprise (M/WBE) contracting through the duration of its construction. Residents will have access to a variety of amenities, including a coworking space, a fitness center, media lounge, and roof garden with views of the New York Harbor and Brooklyn.
Aerial rendering of 737 4th Avenue, via Totem
Beyond residential space, the property will include 6,200 square feet of retail space at its ground floor. The space is already partially leased, with Dunkin Donuts committing to opening a 1,275-square-foot coffee shop in the building.
Part of the 421-a program, 737 4th Avenue will benefit from a 35-year tax abatement. Residents will benefit from its close proximity to an array of transit options, including a number of bus lines and the 25th Street station, served by the R Train.
“We’re thrilled to be partnering with Totem and SK Development to deliver Brooklyn’s latest multifamily project,” said Lee Brodsky, CEO of BEB Capital. “737 4th Avenue presents a blend of state-of-the-art, mixed-income residences, retail offerings, and infrastructure benefits to the Sunset Park community and beyond.”
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Isn’t Totem that company that could never get that Wash Heights project off the ground?
Some might call this Greenwood Heights.
Nice looking building. Architect?
The avenue of mediocrity.
Not my favorite design, but it’s certainly better than the nasty strip mall it replaced.
Great addition to 4th Ave!
Why is the median that runs down the middle of Fourth Avenue so barren? Is the R train that runs underneath it so toxic that it can’t support anything green? Fourth Avenue should be a boulevard if it wants to reach its potential.
I actually think you answered your own question. I imagine it’s accurate that the roof of the tunnel box is designed to facilitate ventilation from the vent grates in the median and trees and/or significant landscaping is incompatible.
I do agree it needs a revamp. Perhaps just raised flower/landscape beds that still allow the fresh air access could be a design solution. NYCDOT should prioritize that as Fourth Ave has been begging for a beautification for nearly it’s entire existence.
Everyone would love a tax break including me, for people who don’t have a lot of income: Thanks.