NEW YORK CITY — A partnership between BEB Capital, Totem, Ofer Cohen and SK Development has topped out a 14-story, 187-unit mixed-income multifamily project at 737 Fourth Ave. in Brooklyn’s Sunset Park neighborhood. Valued at $143 million, the property will house one-, two- and three-bedroom units, with 46 residences to be reserved for households earning roughly 50 percent or less of the area median income. The building will also feature a fitness center, game and media lounge, coworking lounge, private dining and entertainment areas, tenant storage space and a rooftop garden, as well as 6,200 square feet of ground-floor retail space. Completion is slated for fall 2025. Financing for the project consisted of a $96 million construction loan that was co-originated by Canyon Partners and J.P. Morgan and a $25 million equity investment from Tribeca Investment Group.
The affordable housing component of 737 Fourth Avenue in Brooklyn will be permanently affordable at an average income restriction of 48 percent of area median income (AMI). That figure represents one of the lowest AMI averages achieved in the last five years in Brooklyn, according to the development team.
Partnership Tops Out 14-Story Mixed-Income Multifamily Project in Brooklyn
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