Slate JV Completes Brooklyn Tower
One-third of the community's units are affordable.
The joint venture between Slate Property Group and Avenue Realty Capital has completed The Welz, a 162-unit partially affordable community in Brooklyn, N.Y.
Of the total, 33 apartments cater to residents earning at or below 60 percent of the area median income. In addition, seven and nine units are restricted for households earning up to 125 and 130 percent of AMI, respectively.
The development team broke ground on the project in 2023 and topped it out the same year. Aufgang Architects and Alchemy provided exterior and interior designs, respectively. SD Builders and Construction served as general contractor. White Oak Financial originated a $55.5 million construction note in 2022, according to Yardi Matrix data.
The Welz rises 19 stories at 159 Boerum St., about 2 miles from Williamsburg Bridge. The tower is proximate to Slate’s 116-unit 222 Johnson rental development, which also includes affordable units. That property debuted five years ago.
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The Boerum community encompasses studio and one- to two-bedroom units featuring floor-to-ceiling windows and quartz countertops, among others. Amenities include roof deck grilling stations, bike storage, a gym and a package room. MNS handles the leasing and marketing efforts at the property.
Brooklyn multifamily deliveries on track to skyrocket
Developers delivered some 5,300 units in 2024 across Brooklyn, according to Yardi Matrix data. The figure is 19.1 percent higher than the completed unit count of 2023, which stood at about 4,300 apartments.
The borough’s development pipeline totaled more than 26,200 units as of February, the same source shows. Should conditions hold, the data provider expects nearly half of these apartments—some 13,700 units—to reach completion in 2025.
One of the projects to be delivered this year is a 324-unit, 30-story community developed by RXR and Long Island University. The building topped out last August.
