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Deals & Dealmakers

The Brodsky Organization Acquires 499 President Street in Gowanus, Brooklyn

The Brodsky Organization today announced its latest transformative residential building, 499 President Street, a mixed-use development in the heart of Brooklyn’s Gowanus neighborhood. The Brodsky Organization will lead the development in partnership with Avery Hall Investments, and when completed 499 President Street will include 350 market-rate and affordable rental apartments, a full suite of residential amenities and 20,000 square feet of ground floor retail. 499 President Street was designed by SLCE Architects, and construction will take approximately two years to complete. 

The approximately 322,000-square-foot project will include 350 rental apartments, featuring a mix of studio, one- and two-bedroom apartments and approximately 20,000 square feet of ground floor retail. Seventy-five percent of the residences will be market-rate, and a quarter will be affordable, available for residents at an average of 60 percent of Area Median Income. Resident amenities will include resident lounges with co-working spaces, private dining and game rooms, a gymnasium and yoga center, as well as outdoor rooftop amenities and an outdoor swimming pool. M&T Bank and the Bank of New York have provided a $155 million construction loan to the Brodsky Organization to finance the construction of 499 President Street.  

“We are very excited to announce the acquisition and beginning of construction of 499 President Street as we continue to expand our presence in Brooklyn,” said Thomas Brodsky, Principal of The Brodsky Organization. “We look forward to delivering expertly designed, high-quality apartments and exciting local retail to the dynamic Gowanus neighborhood  together with Avery Hall Investments.” 

“We’re pleased to provide construction financing for 499 President Street,” said Blair Ridder, Regional President for New York City, M&T Bank. ‘The Brodsky Organization and Avery Hall are valued and trusted partners and we are proud to support their vision in Gowanus.”

The project is conveniently located a block away from the Union Street R Train station and falls within the Gowanus Neighborhood Rezoning, which was approved through the Uniform Land Use Review Procedure by the New York City Council in October 2022. 

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