MENU

Alloy Development Secures $290 Million for 505 State Street in Downtown Brooklyn

Photograph of 505 State Street in Downtown Brooklyn. Credit: Pavel BendovPhotograph of 505 State Street in Downtown Brooklyn. Credit: Pavel Bendov

Alloy Development recently secured $290 million in permanent financing for 505 State Street, a 44-story all-electric tower in Downtown Brooklyn. Also designed by Alloy, the 482-foot-tall foot tall structure is nearing completion and will yield 441 rental apartments, with 45 designated for affordable housing. The Flatironesque building is located at the intersection of State Street and Flatbush Avenue.

The new financing package was provided by New York Life Real Estate Investors in a deal arranged by JLL, replacing a $210 million construction loan from Goldman Sachs and Related Companies.

Photograph of 505 State Street in Downtown Brooklyn. Credit: Pavel Bendov

Photograph of 505 State Street in Downtown Brooklyn. Credit: Pavel Bendov

Apartments at 505 State Street feature exposed concrete ceilings with 9- to-12-foot spans, engineered oak flooring, energy-efficient windows, and custom-designed Italian kitchens. The building also offers more than 200 bike parking spaces to its residents.

The property is part of the Alloy Block, a mixed-use project designed by Alloy Development that will include residential, office, and retail space, as well as two public schools designed to meet Passive House standards. 505 State Street is now 85 percent leased.

Photograph of 505 State Street in Downtown Brooklyn. Credit: Pavel Bendov

Photograph of 505 State Street in Downtown Brooklyn. Credit: Pavel Bendov

“Today’s announced refinancing marks a significant milestone for the Alloy Block, which will bring much-needed housing, office, retail, and educational spaces to the heart of Downtown Brooklyn,” said Alloy CEO Jared Della Valle. “Since 505 State Street residential leasing launched earlier this year, we’ve seen an unprecedented unit absorption, highlighting the demand for sustainable, high-quality living while reaffirming our vision behind this transformative project. We are deeply grateful to our partners who made this refinancing possible and look forward to advancing the Alloy Block as we move forward into Phase Two.”

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

.

5 Comments on "Alloy Development Secures $290 Million for 505 State Street in Downtown Brooklyn"

  1. Looks like it will respect it’s site

  2. Subtle setbacks..very nice.

  3. Demetrius Hicks | December 23, 2024 at 4:11 pm | Reply

    To some extent, it reminds me of The Hudson in Detroit.

  4. I live in this building. Many of us are suffering from freezing cold apartments. The windows are not energy efficient and have cold air streaming in. The 200 bike spots are not offered to residents- you must pay for them. The amenity price/month is very high on top of the high rent. You can get a much better value just across the street at Ashland. Many of us are not renewing our leases as the building is also poorly managed and overpriced.

  5. This building will have nothing but plumbing, electrical, structural integrity, and property grading problems. Nothing but deceptive and illegal activities will be going on throughout the entire building.
    The internal energy of each unit will be completely scattered and units will be damaged. This is all due to the number 5!

Leave a comment

Your email address will not be published.


*