499 President St. in Brooklyn, New York

Joint Venture Secures $80 Million to Construct Mixed-Use Development in Brooklyn, New York

by Channing Hamilton

BROOKLYN, N.Y. — A joint venture consisting of The Brodsky Organization, Avery Hall Investments and Battery Global Advisors has secured an $80 million land recapitalization and equity capitalization to build a mixed-use community located at 499 President St. in Brooklyn’s Gowanus neighborhood. The property is slated for completion in 2025 and will rise nine stories, with 20,000 square feet of retail space on the ground floor. Of the total 350 units, 262 will be market rate units and 88 will be affordable. Details regarding rent restriction were not disclosed. Christopher Peck, Nicco Lupo and Jonathan Faxon of JLL Capital Markets arranged the transaction and the joint venture that will develop and operate the property.

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