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589 Fulton Street Update 08/12/22

Witkoff Lands $388.4M Loan for Brooklyn Skyscraper Project

Developer, Witkoff, and project partner, Apollo Global Management, have just obtained a $388.4 million loan for a 52-story, mixed-use skyscraper, going up at 589 Fulton Street in Downtown Brooklyn. This large chunk of capital was issued by Bank of America and will fund all construction costs from start to finish.

Known as "The Brook", the tower is set to contain rental apartments, available in studio, one, and two-bedroom configurations. While most of these will be listed at market rate, approximately 30% of the units are to be designated as affordable housing.

Designed by , the structure will stand feet tall and total square feet. In addition to residential units, it will have square feet of retail space, and an unspecified amount of office area.

The building is also set to boast up to 30,000 square feet of tenant amenities. The long list includes an outdoor pool with cabanas and a BBQ area, various recreation facilities, including a basketball court and a game area, a club room, library, bar, fitness studio, pet spa, dog run, and of course, multiple lounges, and landscaped terraces scattered around the building.

Ahead of the new development, a number of structures had to be demolished at the project site. Construction has since kicked off, and general contractor, , is currently in the process of drilling and excavating The Brook's foundation and subsurface infrastructure. The full build is expected to finish by late 2024.

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