Domain Cos. To Build Second MXD Property in Rezoned Brooklyn Neighborhood
The $140 million in financing will fund 255 multi-housing units and 18,000 square feet of commercial space located in the Gowanus neighborhood.
BROOKLYN, NY–Domain Cos., in partnership with Vorea Group and Mega Development, have secured a $140-million loan for Majestic, a ground-up, class A mixed-use development with 255 multi-housing units and 18,000 square feet of commercial space, located at 540 DeGraw St. in the rezoned Gowanus neighborhood of Brooklyn.
Scheduled for completion in 2025, the 12-story, mid-rise building will allocate 25% of the apartments as affordable. Domain is targeting a LEED Platinum certification for the property and is working on a partnership with Arts Gowanus to provide dedicated studio space for local artists.
Majestic will rise on an inland site situated adjacent to Thomas Greene Park, the only large public park and community pool in the area. Under an Administrative Settlement with the EPA, National Grid is remediating the western two-thirds of Thomas Greene Park, and additional park enhancements will include an expanded pool and pool house, a playground, green space and sports facilities.
Located in a Qualified Opportunity Zone near schools and the Smith Street retail corridor, the development will be among the first to rise since 82 blocks of Gowanus were rezoned last year to accommodate demand for permanent affordable housing in a neighborhood with strong transit access.
The site is six blocks from the Carroll Street subway station, served by the F and G lines, and four stops from Manhattan via the F line. It is also four blocks from Union Street Station, served by the D and R lines, and one stop from Atlantic Terminal. By car, it is accessible to Manhattan via the Brooklyn Bridge or Battery Tunnel.
The loan was secured by JLL, through U.S. Bank. The project team includes Handel Architects with landscaping by FutureGeeen. The total capitalization of the project is $230 million.