Douglaston Development has topped out 1057 Atlantic Ave., a 474,000-square-foot, 17-story, 456-unit mixed-income multifamily rental development in Brooklyn’s Bedford-Stuyvesant neighborhood. The development serves as one of the last new housing developments eligible for a long-term tax exemption under the now expired Affordable New York Housing Program and is slated for final completion in late 2025. Levine Builders, the general contracting affiliate of Douglaston Development, is leading the project’s construction efforts.
“We are excited to celebrate this topping out milestone as we move one step closer to delivering a vitally needed affordable housing option and market-rate offering to the Bed-Stuy community,” said Jeffrey E. Levine, founder and chairman of Douglaston Development. “We look forward to the continued advancement of the project through its next phases alongside all partners involved and to welcoming residents to their new home upon completion.”
Once complete, 1057 Atlantic Ave. will deliver 456 residential units to the community living at the intersection of Bedford-Stuyvesant, Crown Heights and Clinton Hill. The development will include a mix of one-bedroom, two-bedroom and three-bedroom residences. A total of 137 units will be permanently affordable, approximately two-thirds of which will be dedicated to those earning an average of 60% of the area median income (AMI).
In addition to the residential portion of the project, 1057 Atlantic Ave. will include 31,000 square feet of ground-floor retail space as well as 35,000 square feet of resident amenity spaces, featuring a gym, lounge, golf simulator, game room, screening room, children’s playroom and landscaped roof deck offering views of Brooklyn and the Manhattan skyline.
Douglaston acquired the site for $66 million from the partnership led by BEB Capital and Totem, which assembled the site between 2019 and 2020, successfully obtained a rezoning to allow for residential use, and commenced foundation work in May 2022. As co-developers, the BEB Capital and Totem teams have co-invested in the project alongside Douglaston and are playing a role as the project continues advancing through its next phases.
