326 Rockaway Avenue
Developers Land $121.7M for Brownsville Affordable Housing Project
Joint project developers, Slate Property Group and RiseBoro Community Partnership, have just obtained a $121.7 million loan for a 14-story, mixed-use housing project, set to rise at 326 Rockaway Avenue in Brownsville, Brooklyn. Issued by Goldman Sachs Asset Management, this influx of capital will be used to fund all construction costs from start to finish.
The building will contain units in total, and approximately 60% of these will be used as supportive housing for young adults. Technically zoned as community facility space, rather than residential, these units will span 78,266 square feet. The building will also feature 423 square feet of auxiliary community-use space, where RiseBoro will provide a variety of support services.
In addition to supportive housing, the remaining 40% of units will consist of traditional affordable housing, reserved for low-income families.
Designed by , 326 Rockaway Avenue will stand feet tall and total square feet. The project site is mostly vacant, however, a few commercial structures would have to be demolished before construction can begin.