Alloy lands $240M construction loan for Boerum Hill towers

Financing could allow phase one, which includes two schools and 441 apartments, to begin within weeks

New York /
Jul.July 19, 2021 09:35 AM
A rendering of the 80 Flatbush project and Alloy CEO Jared Della Valle (Alloy, AIANY)

A rendering of the 80 Flatbush project and Alloy CEO Jared Della Valle (Alloy, AIANY)

After years of struggles to get the project off the ground, a new $240 million loan may finally prompt the start of construction of Alloy Development’s mixed-use “Alloy Block” complex in Boerum Hill.

The Brooklyn-based developer closed on the construction financing package from Goldman Sachs, the Related Cos. and Ares Management, according to Crain’s, which reported that work can begin on the first phase of the project — previously known as 80 Flatbush — in just a few weeks.

The development at 80 Flatbush Avenue is expected to include five buildings with apartments, 200,000 square feet of office space, 40,000 square feet for retail, two schools and hundreds of bike parking spots. Of the 850 residential units, about 200 will be set aside as affordable.

Construction will take place in multiple phases. The first involves the building of both schools, as well as a 480-foot tower with 441 apartments and 30,000 square feet for retail. It is expected to be completed by 2024.

The second phase of construction will include an 840-foot tower, which can be used for residences, offices and retail, as well as a space that could be used for a cultural institution. The timeline for the second phase of construction is not clear.

Initial plans called for far more office space in the project’s first phase, but Alloy altered course in May, scrapping 100,000 square feet of office space in favor of almost 200 additional apartments and pushing back the completion date by a year due to pandemic-induced delays.

The development also saw some of its ambitions scuttled after opposition emerged to Alloy’s plans to build a 986-foot tower at the site. A City Council subcommittee approved the project in September 2018 after the height was reduced to 840 feet and the project’s footprint was slimmed by 130,000 square feet.

[Crain’s] — Holden Walter-Warner





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