BROOKLYN, N.Y — Property Markets Group (PMG) opened Society Brooklyn in the Gowanus neighborhood on May 15. The two-tower, 21-story, mixed-use, mixed-income property spans 594,000 square feet and features 517 residential units, 25 percent of which are allocated as affordable housing. Society Brooklyn at Degraw’s affordable units are reserved for tenants earning between 40 and 100 percent of area median income (AMI). Units in the second tower, called Society Brooklyn at Sackett, are for tenants earning between 40 and 130 percent of AMI. MNS Real Estate is handling leasing.
The exact development cost has not been publicly released, but JLL arranged $520 million in financing for PMG and development partner Carlyle in June 2023. The package included a $355 million construction loan and $165 million in limited partnership equity.
Society Brooklyn also includes 57,000 square feet of retail space. Residents have direct access to a public waterfront park along the Gowanus Canal and an esplanade designed by New York City-based landscape architecture firm SCAPE, as well as 13 local artist studios in a roughly 4,000-square-foot complex managed by local nonprofit group Arts Gowanus. SLCE Architects designed Society Brooklyn. Urban Atelier Group led construction.
Society Brooklyn features an array of amenities, including gyms and fitness studios, pools and sun decks, a theater, party room, coworking hubs, a children’s playroom, an herb garden and a rooftop terrace.
The development is part of a larger revitalization effort. In 2021, the New York City Council approved the Gowanus Neighborhood Plan to rezone an 82-block, waterfront area that would support the development of 8,500 new apartments by 2035, including 3,000 permanently affordable rental homes. The plan included a $250 million grant to support construction of parks and amenities and to upgrade infrastructure, such as drainage. The city also committed $200 million to support improvements to housing properties neighboring the site.