159 Boerum Street Update 01/12/23

Developers Land $55M Loan for East Williamsburg Residential Project

Joint developers, Slate Property Group, and Avenue Realty Capital, have just obtained a $55 million loan for a 19-story, residential tower project, going up at 159 Boerum Street in East Williamsburg, Brooklyn. Issued by White Oak Real Estate Capital, this will fund all construction costs from start to finish.

Planned to contain  apartments, the tower will primarily consist of market-rate dwellings, although 19 affordable housing units are to be included in that tally.

The building will feature a few tenant amenities, such as a roof deck, a fitness center, and a bike storage area. Plans also call for an enclosed parking garage, with enough room for vehicles.

Designed by , 159 Boerum Street will stand feet tall and total square feet. The general contractor, , has already kicked off work, although the build is still in the early stages. The structure will be significantly taller than all other buildings in the immediate area, so it remains to be seen if this project will spawn a new trend for high-rise construction in East Williamsburg.

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