$535M Secured For One Third Avenue In Downtown Brooklyn

Rendering courtesy of Alloy Development.

Alloy Development and The Vistria Group have closed on $535 million in capital for the construction of One Third Avenue, the second phase of the Alloy Block in Downtown Brooklyn. Designed to be the tallest Passive House building in the world at 730 feet, the 62-story mixed-use tower will deliver 583 market-rate and affordable housing units, retail, and office space. One Third Avenue follows 505 State Street, New York City’s first all-electric skyscraper, and 489 State Street, home to the city’s first Passive House public schools. The property is bounded by Flatbush Avenue to the north and east, State Street to the south, and 3rd Avenue to the west.

Rendering courtesy of Alloy Development.

Rendering courtesy of Alloy Development.

153 of One Third Avenue’s 583 units will be permanently affordable, with rents starting at $1,023 per month. The building’s six-floor podium will include 60,000 square feet of Class A office space, with residences spanning floors 11 to 60. Notably, the development integrates the adaptive reuse of two 19th-century structures along State and Schermerhorn Streets and introduces a new retail building along Third Avenue with 30,000 square feet of community-oriented retail space.

Rendering courtesy of Alloy Development.

The project’s Passive House design includes an airtight building envelope, oversized operable windows for natural light, and filtered fresh air for improved indoor air quality. Residential and office components will share energy systems to reduce waste heat.

Rendering courtesy of Alloy Development.

Nearby transit options include the A, C, G trains at the Hoyt–Schermerhorn Streets station; the 2, 3, 4, 5 trains at the Nevins Street station; and the B, D, N, Q, R, 2, 3, 4, and 5 trains and the LIRR at the Atlantic Avenue–Barclays Center transit hub.

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13 Comments on "$535M Secured For One Third Avenue In Downtown Brooklyn"

  1. Passive House is great. The aesthetic is less than welcoming unfortunately.

    • Christopher J Stephens | August 29, 2025 at 8:58 pm | Reply

      That aesthetic _is_ Passive House. I have yet to see a Passive House building that doesn’t remind me of the DDR.

  2. So far ugliness in transition does not impress at all.

  3. And those affordable units will be close to market rate, affordable for those higher incomes

  4. David in Bushwick | August 28, 2025 at 10:50 am | Reply

    It’s excellent they are retaining most of the two historic buildings, but stripping them down to a shell is unfortunate. Passive all-electric construction is the only way to go. As for the tower box, well, Brooklyn will have their 432 Park Ave version. And it will make Brooklyn Tower look all the better.

  5. I actually don’t mind this building. I think it’s handsome.

  6. Haven’t they managed to surround the gorgeous Williamsburg Bank Tower with soulless glass boxes on every side yet?

  7. Russell Gilchrist | August 28, 2025 at 5:20 pm | Reply

    Kinda looks like fatter version of 432 Park Avenue. Not all that bad.

  8. Massive disappointment in every sense.

  9. Come on, you can do much better

  10. Was hoping for something more exciting and esthetically pleasing for the future 2nd tallest building in Brooklyn.

  11. Most of the newer buildings apartments look all a like. They are trying to squeeze as many people into these copy cat rubber stamped apartments as possible. They are highly inferior layouts. It is so bad I wanted to know if the apartment designers lived in a trailer. You can’t even put a couch in the living room it is so small. Back in the 1960’s these size rooms in an apartment were temporary guest rooms. They apartment designers want to squeeze as many people into these small spaces as much as possible. What can you put inside the apartment. Practically nothing. Some are so small and narrow a person even place a wardrobe closet inside a bedroom. It may look nice on the outside but when you get inside, you live there? Are you will to pay a couple grand for walk in closet space just to say you are living somewhere popular.

  12. I feel downtown brooklyn will one day be as built up with skyscrapers that will revival lower manhattan. Not as tall but as dense

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