JLL Arranges $80M in Equity Financing for Brooklyn Multifamily Project

by Taylor Williams

NEW YORK CITY — JLL has arranged $80 million in equity financing for a project at 499 President St. in the Gowanus area of Brooklyn that will add 350 apartments and 20,000 square feet of retail space to the local supply. The project will consist of 262 market-rate units and 88 affordable housing units, as well as amenities like a rooftop pool, fitness center, coworking space and a billiards lounge. Christopher Peck, Nicco Lupo and Jonathan Faxon of JLL structured the equity financing. The developer is a joint venture between The Brodsky Organization, Avery Hall Investments and Battery Global Advisors. Completion is scheduled for 2025.

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