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Downtown Brooklyn Project Gets $65M

NEW YORK CITY—In a heretofore under developed corner of the neighborhood, a 172,000-square-foot mixed-use property has received a debt and equity infusion.

By Rayna Katz | Updated on June 30, 2015

NEW YORK CITY—A total of $65 million in debt and equity has been raised for 1 Flatbush Ave., Downtown Brooklyn’s planned 19-story, mixed-use rental project being developed by Slate Property Group. Eastern Consolidated managing directors Adam Hakim and Sam Zabala raised the capital and financial associate James Murad assisted with the deal.

The team arranged financing for the acquisition and pre-development phases of the 172,000-square-foot project, which calls for 156 one- and two-bedroom rental units, of which 124 will be free market and the remainder will be affordable. Located at the intersection of Flatbush Avenue, Fulton and Nevins Streets, the development also will offer close to 30,000 square feet of retail space and a fitness facility for tenants.

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