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By Accord Real Estate Group

Innovative Brooklyn Development Moves Forward

July 24th 2021
Tags: Brooklyn Blog, Real Estate News

Brooklyn, New York Real Estate is always in forward motion. Today the Brooklyn market is very exciting with investors and lenders eager to buy and finance projects and accomplish their dreams and goals.

Here is a brief overview of a groundbreaking 2 phase project planned for Downtown Brooklyn, NY.

Alloy Development in partnership with the New York City Educational Construction Fund is beginning construction on New York City's 1st all electric residential tower, along with 2 public schools that will meet passive house compliance which have the highest standards of energy efficiency and indoor air quality.

There will be 2 phases to this project. Phase 1 of the Alloy Block is planned for a 44 story, 480 foot tall residential tower and will include 441 mixed income residences at 505 State Street and 30,000 square feet of retail at 100 Flatbush Ave. The adjacent public school will be located at 489 State Street. The new Khalil Gibran International Academy will be at 380 Schermerhorn Street. Both schools are being designed by Architecture Research Office.

All functions within the residential tower will run off electricity for example, hot water heating and HVAC will completely electric. The buildings operations will be carbon neutral upon completion.

When completed, Alloy Block will have 5 old and new buildings with 850 residences, including 200 permanently affordable apartments, 200,000 square feet of Class A office space, 40,000 square feet of retail space, the 2 schools and approximately 500 parking spaces for bikes. The 1st phase will be completed by 2024.

Phase 2 will include an approximately 840 foot tall residential, office and retail tower designed by Alloy that will also have a local cultural institution and 2 preserved historic structures.

According to Jared Della Valle, CEO and Founder of Alloy “we are committed to making Brooklyn beautiful, sustainable and equitable as the city recovers from the pandemic”. “we hope the Alloy Block will set the standard for progressive, thoughtful development”.

According to Alfred Trivilino, managing director Related Fund Management “sustainable, inclusive residences are the future of New York City and we are proud to invest in the Alloy Block's all electric, mixed income, mixed use tower that will become the new model for environmentally conscious urban living”.

The Alloy Block is in a prime location next to Atlantic Terminal, The Brooklyn Cultural District and Barclay Center.

The project's boundaries are Flatbush Avenue, Schermerhorn Street, Third Avenue and State Street.

Updates to follow...

If you are interested in selling your property or you know someone who is planning to sell their New York or Brooklyn property, whether a single family residential property,  an apartment building, a commercial property, mixed use, multi family, coop or condo, vacant land or a development opportunity, call us. You will be very happy that you did.

We always bring our clients the top market price for their property and provide exceptional personalized service from initial consultation to closing.

Thank you,

Accord Real Estate Group

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