JV Plans 187-Unit Mixed-Use Property in Brooklyn
A portion of the project will serve residents making 48 percent of the Area Median Income.
Joint venture partners Ailanthus, BEB Capital and SK Development are bringing One Sunset, a 14-story, 193,000-square-foot mixed-use property with 187 units of mixed-income housing to the Sunset Park neighborhood in Brooklyn, N.Y. The development, located at 201 E. 25th St. is slated for completion in the fall.
Previously known as 737 4th Ave., the project, located between 24th and 25th streets, topped out in September, according to New York Yimby. In March of this year, the project secured $96 million in construction financing provided by Canyon Partners Real Estate and J.P. Morgan.
Upon completion, One Sunset will have a mix of one-, two- and three-bedroom apartments. Forty-six of the units are designated as permanent affordable housing and will be available to individuals earning 48 percent of the Area Median Income, one of the lowest AMI averages in Brooklyn over the past five years, according to the developers. Marketing for the affordable units will be led by project partner Fifth Avenue Committee and will begin during the summer.
Corcoran New Development is the exclusive marketing and leasing agent for the remainder of the One Sunset apartments. Leasing is also expected to begin this summer.
The building is designed by dencityworks | architecture with interiors made by Alchemy Studio. The design echoes the brick and terracotta hues of surrounding building and the upper floors feature glass elements that will help preserve sight lines across the neighborhood.
Building and community amenities
Amenities at One Sunset will include a fitness center, game and media lounge, coworking lounge, private dining and entertainment areas, tenant storage and a rooftop garden with views of Brooklyn and New York Harbor. The property will also have 6,200 square feet of ground-floor retail space. Dunkin, which had been previously located at the site, has already signed a lease for new space at One Sunset. The development includes a Community Benefits Agreement with community-based organizations including FAC to provide benefits for the neighborhood such as local jobs, M/WBE contracting and green infrastructure improvements.
The building will be located atop the 25th Street R train station, providing easy access to transportation. Sunset Park has open spaces such as a park of the same name, as well as the historic Green-Wood Cemetery.
More Brooklyn developments
In March, Watermark Capital Group and Rubin Equities secured a $210 million construction loan from S3 Capital for a 28-story mixed-use building with 497 units at 6208 Eight Ave., also in Sunset Park. The project is expected to be completed within two years. It will include more than 100,000 square feet of retail space.
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In the same week, Watermark obtained a $125 million senior construction loan from Bravo Property Trust and Integritas Capital to convert a 240,000-square-foot office building at 175 Pearl St. in Brooklyn to a multifamily rental and condominium property. The developer will convert the 1918-built, eight-story office building into rentals, with 25 percent reserved as affordable units. Watermark will build an 11-story condominium atop the converted office building, bringing the project to 19 stories.
The property is at the border between Dumbo and downtown Brooklyn, near the F, A and C subway lines that connect to Manhattan.
