Development

NEW YORK CITY — A partnership between Triangle Equities and The Michaels Organization has begun leasing a 40-story apartment building located at 111 Willoughby St. in downtown Brooklyn. Designed by GF55 and known as Maxwell Downtown Brooklyn, the building offers 227 units, 69 of which are designated as affordable for renters earning 130 percent or less of the area median income. Residences come in studio, one- and two-bedroom floor plans and are furnished with stainless steel appliances, quartz-stone countertops, tile backsplashes and in-unit washers and dryers. Amenities include multiple lounging areas, a coworking zone, gaming area, private dining and party room and a resident-only coffee bar, as well as a landscaped roof deck with dining and lounge seating, a viewing bar and grilling stations. The partnership, which also includes financiers Geolo Capital and Helaba Bank, developed the property via a ground lease with The Roman Catholic Archdiocese of Brooklyn. Information on starting rents was not disclosed.

NEW ROCHELLE, N.Y. — Locally based owner-operator BRP Cos. has completed The Leaf, a 477-unit multifamily project located north of New York City in New Rochelle. The 26-story building is located in the city’s downtown area and offers one- and two-bedroom units, 119 of which are dedicated as affordable housing. Specifically, 20 units are reserved for households earning 50 percent or less of the area median income (AMI), while 99 residences are earmarked for renters earning 60 percent or less of AMI. The community also features approximately 20,000 square feet of amenity space that includes a pool, fitness center, coworking lounge, rooftop deck and dog run, as well as 3,000 square feet of ground-floor retail space. Construction began in early 2022.