Douglaston Development Breaks Ground on $320M Multifamily Project in Brooklyn

by Katie Sloan

NEW YORK CITY — Douglaston Development has started construction of a $320 million multifamily project in the New York City borough of Brooklyn. The 474,000-square-foot development is located at 1057 Atlantic Ave. in the Bedford-Stuyvesant neighborhood.

Upon completion, the community will rise 17 stories and offer 456 units of mixed-income housing. The units, 137 of which will be affordable housing, will be offered in one-, two- and three-bedroom configurations. 

A partnership between BEB Capital and Totem began assembling the site in 2019. Douglaston recently acquired the site for $66 million from the partnership, retaining both parties as co-developers for the project. TerraCRG brokered the transaction.

Shared amenities will include a fitness center, lounge, golf simulator, game room, screening room, children’s playroom and a landscaped rooftop deck with views of Brooklyn and the Manhattan skyline. In addition to the residential portion of the community, the development will also feature 31,000 square feet of ground-floor retail space.

Greystone Capital Advisors arranged funding for the project, which includes $185 million in construction financing placed through Wells Fargo Bank, M&T Bank and BankUnited. Funds managed by Ares Real Estate have also acquired preferred interest in the development, which is slated for completion in late 2025. 

New York City-based Douglaston Development specializes in mixed-use, multifamily, condominium, hospitality and seniors housing. The company has developed over $2 billion in projects over the past seven years.

BEB Capital is a real estate development and investment firm with a portfolio of industrial, office and multifamily properties located across the Northeast.

Based locally in Brooklyn, Totem is a real estate development firm specializing in mixed-use, community-driven projects that are designed for affordability and economic mobility. 

Katie Sloan 

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