RXR Tops Out 324-Unit Brooklyn Tower
The development marks the company's second collaboration with Long Island University.
RXR, in collaboration with Long Island University, has topped out 89 Dekalb, a 324-unit multifamily property in downtown Brooklyn, N.Y. The 30-story tower is set to include 55,000 square feet of academic space for LIU.
General contractor LRC Construction and design firm Perkins Eastman are partners on the all-electric development, that is set to come online by the end of 2025, according to New York YIMBY.
This is RXR’s second project in partnership with the university. In 2021, the developer completed The Willoughby, a 476-unit, 34-story tower nearby that also features academic and office spaces for the university, as well as a rooftop athletic field on a 564-space garage.
READ ALSO: Optimism Remains High in NYC
Construction on 89 Dekalb started in November last year. The developer took out a $20.6 million construction loan from TPG Capital in September and a $225 million note from Apollo Global Management a month later, according to Yardi Matrix.
The high-rise will feature 98 units designated for middle-income housing and 15,000 square feet of amenities, including EV charging stations and 198 car parking spaces, New York YIMBY reports, along with multiple landscaped terraces, coworking areas and fitness centers. Three levels of the residential tower will be equipped with separate entrances and lobbies for LIU.
Taking shape at 89 Dekalb Ave. in Fort Greene, 89 Dekalb will be close to several retail and dining options, and only 8 miles away from the JFK International Airport.
Brooklyn’s growing multifamily inventory
The New York City borough had 83 multifamily projects under construction at the beginning of August, which are set to encompass almost 25,800 units, Yardi Matrix information shows. Additionally, 124 projects were in prospective or planning stages.
Among the largest projects underway in the borough are Tavros Holdings, Charney Companies and Incoco Capital’s multifamily developments at 310 and 340 Nevins St. In June, the developers obtained $300 million in financing for two projects that are expected to total 668 units. Roughly a quarter of them will be designated as affordable.
Earlier this year, The Gotham Organization, in partnership with Monadnock Development, the Christian Cultural Center, Reverend A.R. Bernard and New York City & State, secured $270 million in construction financing for the development of the first phase of the Innovative Urban Village project. The first phase will convert the 10.5-acre campus into 386 affordable apartments for families earning up to 80 percent of the area median income.
