The partnership team of BEB Capital, Totem/Ailanthus and SK Development announced the topping out of 737 Fourth Ave., a 193,000-square-foot, 14-story, 187-unit mixed-income housing and retail development in Sunset Park, Brooklyn. Of the 187 residential units, 46 units will be permanently affordable at an average of 48% of area median income (AMI), one of the lowest AMI averages achieved in the last five years in Brooklyn.
“Today marks an exciting day for our partnership team and the Sunset Park community as we celebrate the topping out of 737 Fourth Ave. Once completed, this amenity-rich development will be a fantastic addition to the neighborhood, featuring new retail offerings and modern, mixed-income residences, addressing the city’s need for more affordable housing,” said Lee Brodsky, CEO of BEB Capital.
737 Fourth Ave. will also include 6,200 square feet of ground-floor retail space, with an executed lease to former tenant Dunkin Donuts for 1,275 square feet. The building’s amenities will include a fitness center, game and media lounge, co-working lounge, private dining and entertainment areas, tenant storage and a roof garden with sweeping views of Brooklyn and New York Harbor.
“Access to affordable housing is one of the greatest challenges facing our city today, and we are proud of our efforts to tackle this issue through projects like 737 Fourth Ave., which increases affordable units in Sunset Park at one of the lowest AMI averages in years,” said Ofer Cohen, principal of Ailanthus.
Beyond new housing, the development includes a Community Benefits Agreement (CBA) signed with area community-based organizations including FAC, which will ensure lasting benefits for the neighborhood, such as local jobs, M/WBE contracting and green infrastructure improvements.
“This topping out marks an exciting milestone for the city and highlights our dedication to building inclusive communities where people can live, grow, and thrive,” said Scott Shnay, principal of SK Development.
Marketing of the new units is expected to begin in early 2025, led by the project’s affordable housing partner, Fifth Avenue Committee (FAC).
