NEW YORK CITY — JLL Capital Markets has arranged $175 million in construction financing for 155 Third Street, a 22-story, 300-unit apartment tower to be built along the Gowanus Canal in Brooklyn. JLL secured the loan on behalf of the borrower, locally based Monadnock Development.
Situated at the confluence of the Carroll Gardens, Gowanus, Park Slope and downtown Brooklyn neighborhoods, 155 Third Street will encompass more than 250,000 net rentable square feet, including 225 market-rate apartments, 75 affordable housing units and more than 30,000 square feet of retail, artist and commercial space. The project is vested in the Affordable New York (421-a) tax abatement. Completion is slated for the fourth quarter of 2027.
Amenities will include a pool and terrace, sky lounge, fitness and yoga studios, coworking spaces, a cocktail lounge with fireplace, movie and party rooms and multiple outdoor areas with views of New York Harbor and downtown Brooklyn.
The development’s retail frontage along the Gowanus waterfront will tie directly into the planned 7-acre Gowanus Greenway Esplanade, which is part of the larger Brooklyn Waterfront Greenway, a protected route for pedestrians and cyclists connecting the neighborhoods, parks and open spaces of Brooklyn’s waterfront. The project site is also steps away from a high-performing Whole Foods Market store.
Christopher Peck, Winfield Clifford, Kellogg Gaines and Nicco Lupo of JLL arranged the loan through global investment manager PCCP LLC in partnership with U.S. Bank. Brian Haber and P.J. Finley led the PCCP team.
“Gowanus has reached a pivotal moment, and 155 Third Street is perfectly positioned to capitalize on the neighborhood’s evolution into one of New York City’s most dynamic residential areas,” says Clifford.
In its third-quarter 2025 New York Multi-Housing Investment Trends report, JLL noted that the Brooklyn and Queens multifamily market had its largest year of deliveries of the decade in 2024 with almost 17,000 new units added. Effective rent in New York City now averages $3,475 monthly. Year-over-year rent growth sits at 2.4 percent, while vacancy remains at 2.4 percent.
Over the past decade, Monadnock has developed or rehabilitated more than 8,000 units of affordable, mixed-income and market-rate housing, with a total development cost of over $2.9 billion.
— Kristin Harlow