Financing secured for the construction of the Brook mixed-use development in New York

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A construction project at the Brook mixed-use development in New York has received US$388.4 million in financing from Walker & Dunlop Inc.

The project is developed by Witkoff and Commercial Real Estate Financing Apollo Inc. The latter is managed by a subsidiary of Apollo Global Management. It is located at the intersection of Fulton Street, Flatbush Avenue Extension and DeKalb Avenue in downtown Brooklyn.

Features and Amenities of the Brook Mixed-Use Development in New York

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The 51-story mixed-use skyscraper will have 561 studio, one- and two-bedroom apartments. Additionally, it will also have approximately 30,000 square feet of common space. In addition, there will be a swimming pool with cabanas, dog park, fitness center, half-basketball court and resident lounges.

Also Read: New York’s 15 Hanover Place Development Project Gets US$134 Million Shot in the Arm

17,200 square feet of retail space on the ground floor will also be available at the base of the building. 14,000 square feet of West Side retail space is expected to attract wholesalers and retail businesses looking to expand or establish a presence in Brooklyn.

The Brook mixed-use development in New York would benefit from the Affordable New York and Inclusionary Housing programs.

Notes on the project

According to Aaron Appel of Walker & Dunlop, “Brook’s mixed-use development in New York City represented a once-in-a-generation chance to build an exceptional mixed-use project at the center of the current downtown Brooklyn development boom” as the one of downtown Brooklyn’s most desirable development sites.

“We are happy to add this one to the list. We have helped fund approximately 35% of recent projects in downtown Brooklyn. Aaron Appel, Keith Kurland, Jonathan Schwartz, Adam Schwartz, Michael Ianno and Sean Bastian worked with Walker & Dunlop to secure financing,” Appel revealed.

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