Bank of America Finances 51-Story Mixed-Use Tower in Brooklyn

A partnership of Apollo Global Management and Witkoff are receiving $388M in financing from Bank of America for a 51-story mixed-use multifamily and retail development at 585 Fulton Street in Brooklyn.

Walker & Dunlop secured the financial package for the luxury high-rise development, known as The Brook.

The 591-unit development will feature studio, one- and two-bedroom units and include 30K SF of common-area amenities including an outdoor swimming pool, a basketball courts, fitness studios, a dog spa and landscaped terraces.

The project is divided into two development sites in an area situated between Long Island University and Barclays Center in Brooklyn. The eastern part of the site will include the high-rise, featuring more than 17K SF of retail space situated above ground at the base of the tower. The western portion of the site will include 14K of retail space.

Ground was broken for the 600-foot-tall luxury project in June, allowing the developers to meet a June 30 eligibility deadline for the city’s 421a tax abatement programs. The program expired at the end of June, but projects that had laid foundations before that date were eligible.

To utilize the 421a tax benefit, 30% of The Brook’s apartment units must be designated as affordable.

Not far from the site of The Brook, Brooklyn’s tallest building—the 93-story residential skyscraper under development by JDS Development at 9 DeKalb Avenue.

A stainless steel, aluminum and glass façade is beginning to cover the crown of what will be known as the Brooklyn Tower, a 1,066-foot-tall residential building that will offer 550 units on top of a 100K Sf retail podium that incorporates the landmarked Dime Savings Bank of Brooklyn.

Thirty percent of the rental in the Brooklyn Tower will be designated as affordable housing, with homes for purchase starting at over 500 feet above street level.

Last month, a housing lottery was held for 55 middle-income units at a new 20-story residential development at 22 Chapel Street in Downtown Brooklyn.

New Yorkers earning 130% of the area median income—$79K for two people and $215K for a household of seven—were eligible to apply for the apartments, which range from $2,307/month studios to $3,413/month three-bedroom apartments.

Developed by a partnership of Delshah Capital, OTL Enterprises and START Treatment & Recovery Centers, the development at 22 Chapel Street includes 15K SF of community space, including a new headquarters of the START organization.