15 Hanover Place Update 07/29/22

Developer Lands $134M Loan for Brooklyn Tower Project

Developer, , has just obtained $134 million for a 34-story, mixed-use tower project, set to rise at 15 Hanover Place in Downtown Brooklyn. Issued by a loan syndicate consisting of Santander and City National Bank, this influx of capital will be used to fund the project's construction from the ground up.

The tower will offer rental apartments, with  units set aside for affordable housing. In fact, this project is reportedly one of the last to be built under the Affordable New York 421a program, as the initiative recently expired on June 15th.

In addition to residential units, the building will have square feet of commercial space. This would likely come in the form of ground-floor retail. Plans also call for an enclosed parking garage with enough room for vehicles.

The new development will replace a 3-story commercial building that was recently demolished at the project site. At nearly 19,000 square feet, the lot is bound on three sides by Livingston Street, Hanover Place, and Grove Place. The site is conveniently located just a quick walk away from the Dekalb Avenue and Hoyt-Schermerhorn subway stations.

Designed by , and to be built by , 15 Hanover Place will stand feet tall and total square feet. Construction is estimated to take until the winter of 2024.

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