The development site located at 540 Degraw St. in Gowanus, Brooklyn, has been involved in a recent closed transaction. The property is a development site with a maximum buildable square footage (BSF) of 174,000.

Summary of transaction details

• Property Type: Development Site
• Transaction Date: 08/26/2022
• Address: 540 Degraw St.
• Market: Gowanus, Brooklyn
• BSF: 174,000

The lender for this transaction is US Bank. The landlord of the property is The Domain Companies, represented by Matthew Schwartz and Chris Papamichael. The loan amount for this deal is $142,000,000, and it falls under the construction loan category.

The loan terms for this project are as follows: The development will consist of a 12-story building with 268 units. 25% of these apartments will be allocated as affordable housing for households with incomes ranging from 40% to 100% of the Area Median Income. The development also includes 18,000 square feet of ground floor commercial space, which will feature a mix of food and beverage establishments as well as neighborhood retail. As part of the rezoning, Domain has partnered with Arts Gowanus to provide dedicated studio space for local artists, known as the "Gowanus Mix" portion of the development. The project will also benefit from New York City's 421-a tax abatement program. The anticipated completion date for the project is 2025.