Slate Property Group and Thorobird Cos. Land 213-Unit Affordable Housing Deal in Cypress Hills

Key Points:

•  Slate Property Group and Thorobird Cos. will develop a 213-unit affordable housing project in Cypress Hills, Brooklyn
•  66 units will be set aside for formerly homeless residents, with remaining apartments targeting 40 to 80 percent AMI
•  The city-owned site adds scale to Brooklyn’s affordable pipeline with delivery expected by 2028

Affordable Housing Expansion in Cypress Hills

A joint venture between Slate Property Group and Thorobird Cos. is moving forward with a 213-unit multifamily development at 570 Eldert Lane in Cypress Hills. The project will rise on a city-owned parcel and is designed by Think! Architecture + Design PLLC. Completion is slated for summer 2028, with full occupancy expected in 2029.

Unit Mix and Income Targeting

Of the 213 apartments:

• 66 units will be reserved for formerly homeless residents
• The remaining units will serve households earning between 40 and 80 percent of the area median income
• Layouts will range from one to four bedrooms

This broad bedroom mix positions the development to serve both families and individuals, reinforcing demand depth in an outer borough submarket where affordable inventory remains tight.

Community Space Component

The building will also include 10,000 square feet of community space, to be operated by the Bangladeshi American Community Development & Youth Services. Community facility components are increasingly common in city-backed affordable projects, helping developers secure public approvals while creating embedded neighborhood partnerships.

Why It Matters for Investors

Brooklyn continues to see strong affordable housing investment, particularly on city-owned land where structured deals and public incentives improve feasibility. For institutional sponsors like Slate, large-scale, affordable projects provide long-term stable cash flow, public funding support, and durable demand fundamentals. In a higher-rate environment, income-restricted housing remains one of the most financeable multifamily segments in New York.

Final Thoughts

The 570 Eldert Lane project underscores that affordable housing remains a central pillar of Brooklyn’s development pipeline. With 213 units, deep income targeting, and community integration, the project reflects how public-private partnerships are shaping the next wave of multifamily supply in New York City.