540 DeGraw Street
Update
09/06/22
$142M Loan Obtained for Gowanus Mixed-Use Project
Developer, The VOREA Group, and project partner, The Domain Companies, have secured a $142 million loan for an 11-story mixed-use project, set to rise at 540 Degraw Street in Gowanus, Brooklyn. Issued by US Bank, this influx of capital will be used to fund all construction costs from start to finish.
The new development will offer rental apartments, with 25% of the units, set aside for affordable housing programs. Additionally, it will contain square feet of ground-floor commercial space, consisting of restaurants and neighborhood retail.
Plans also call for a dedicated studio space for local artists, a roof deck for building tenants, and an enclosed parking garage with enough room for vehicles.
Designed by , the structure will stand feet tall and total square feet. The building will be constructed on a square foot lot, bound by Degraw, Nevins, and Sackett Street(s). A large industrial warehouse, which previously occupied the project site has already been demolished. Construction of the new development is expected to take until 2025.
