Mortar Group, a New York-based real estate development firm, has closed on the acquisition of a new development site at 30 Bushwick Avenue in East Williamsburg, Brooklyn. Under new ownership, the building will top out at eight stories, yield 24,000 gross square feet, and comprise 24 rental apartments.
Demolition is complete at 111 Willoughby Street, the site of a 40-story residential tower in Downtown Brooklyn. Designed by GF55 Architects and developed by The Michaels Organization, Triangle Equities, and Geolo Capital, the 437-foot-tall structure will yield 205,000 square feet with 227 rental units, a 20,000-square-foot ministry center for the St. Boniface parish, and 1,814 square feet of commercial space. ZDG is the general contractor for the property, which is located by the intersection of Willoughby Street to the south and Duffield Street to the east.
The Brodsky Organization has leased all available apartments at ‘Plank Road,’ the latest residential building within the Pacific Park mega-development in Prospect Heights, Brooklyn. Designed by Marvel Architects, the 27-story building is located at 662 Pacific Street and offers collection of 312 mixed-income apartments, amenity spaces, and ample outdoor space.
The affordable housing lottery has launched for 1111 Foster Avenue, a six-story mixed-use building also addressed as 1039 Coney Island Avenue in Ditmas Park, Brooklyn. Designed by Dome Architecture & Design, the structure yields 60 residences. Available on NYC Housing Connect are 18 units for residents at 130 percent of the area median income (AMI), ranging in eligible income from $56,572 to $215,150.
The Moinian Group and Bushburg have successfully closed on a $105 million construction loan to complete 2840 Atlantic Avenue, a rising property in East New York, Brooklyn that will include residential and affordable housing units, community space, lower-level retail, and 109 parking spaces.