BROOKLYN, NEW YORK — The Domain Companies, a leading real estate and development firm based in New York City, announced the closing of a $176 million construction loan with Bank OZK for their 420 Carroll development. The $295 million, sustainable, mixed-use and mixed income development, is located in Brooklyn’s thriving Gowanus neighborhood. At 386,000 square feet, the development allocates 25% of the 360 apartments as affordable housing serving households between 40% and 100% of Area Median Income. The project will utilize New York City’s 421a tax abatement program. Construction has commenced and is anticipated to be complete by July 2024.
Proximate to Carroll Gardens, Park Slope, and Downtown Brooklyn, 420 Carroll Street is situated directly on the waterfront at the to-be-constructed 1st Street turning basin. The development will comprise a 20-story tower and an adjacent 15-story tower and will have a direct connection to the Gowanus Canal promenade and public access area designed by renowned landscape architecture firm Scape. The community will also include approx. 27,500 square feet of commercial and retail space, including about 7,700 square feet of “Gowanus Mix” space pursuant to the rezoning. Located in a Qualified Opportunity Zone, 420 Carroll will be among the first to rise since 82-blocks of Gowanus were rezoned last year to accommodate demand for permanent affordable housing, quality commercial space and wide-ranging civic improvements.
420 Carroll will be positioned as the premiere multi-family community in Gowanus. With stunning design, unique architecture, rich amenities, and maximized sustainable design, 420 Carroll will introduce a new way of living to the popular neighborhood. Residents will enjoy work-from-home amenities, a lounge and multiple outdoor greenspaces, fully-equipped fitness center, children’s play room, on-site bike storage, and the MyDomain suite of resident services offered at all Domain properties.
High-end finishes and top-of-the-line technology are incorporated into the design as well as natural materials to reinforce the green approach. Sustainability measures include targeting LEED Platinum certification, cogeneration, water reuse, electric vehicle charging stations, and more.
“We are excited to advance 420 Carroll and support sustainable development in the Gowanus neighborhood,” said Matt Schwartz, Co-CEO of Domain Companies. “After working closely with individuals and organizations across the community for the past several years, this closing marks an important step forward in delivering much needed mixed-income housing for Gowanus and New York City.”
Domain worked closely with a number of community organizations to ensure the project supported the local community and existing residents. Those organizations include the Gowanus Canal Conservancy, to help stewardship of the Gowanus Watershed, and Friends of Thomas Green Park, to support the ecological and economic uses of the park. In addition, Domain works to support Art Gowanus to advocate for local artists and foster a sustainable arts community in Brooklyn. Participation in Domain’s MyCommunity program, which supports local nonprofits and coordinates volunteer opportunities throughout the year, will also be available to 420 Carroll’s residents.
The Domain Companies closes on the 420 Carroll Street property in partnership with affiliates of Cantor Fitzgerald, L.P., a leading global financial services firm and real estate investment company, Silverstein Properties, a leading global full-service real estate development, investment, and management firm, and VOREA Group, a multifaceted real estate company equipped to perform mid-to-large scale development projects throughout the Tri-state area.
Mega Contracting will serve as the general contractor. FX Collaborative is the project architect and Studio Mainer is responsible for interior design.
Domain has been involved in over $2B of mixed-use projects and has acquired and developed over 4,000 housing units, 250,000 SF of retail and 300 hotel keys in New York City, New Orleans and Salt Lake City.
About Domain Companies
The Domain Companies is one of the nation’s leading real estate development and investment companies specializing in sustainable, mixed-use development. Founded in 2004, Domain is based in New Orleans and New York and specializes in the development and management of unique, mixed-use properties in core urban locations. Domain creates high-quality properties that stand apart through innovative design and exceptional management, enhancing the communities in which they build. Projects include the new construction and preservation of affordable, mixed-income, and luxury housing; the acquisition and repositioning of distressed housing; historic restoration; brownfield redevelopment; seniors and special needs housing; and hospitality, retail, and commercial development. Domain has been involved in over $2 billion of impactful, mixed-use real estate across a diverse range of product types and markets www.thedomaincos.com
About Cantor Fitzgerald, L.P.
Cantor Fitzgerald, with over 12,000 employees, is a leading global financial services group at the forefront of financial and technological innovation and has been a proven and resilient leader for over 77 years. Cantor Fitzgerald & Co. is a preeminent investment bank serving more than 5,000 institutional clients around the world, recognized for its strengths in fixed income and equity capital markets, investment banking, SPAC underwriting and PIPE placements, prime brokerage, and commercial real estate, and for its global distribution platform. Cantor Fitzgerald & Co. is one of the 24 primary dealers authorized to transact business with the Federal Reserve Bank of New York. Cantor Fitzgerald is a leading SPAC sponsor, having completed multiple initial public offerings and announced multiple business combinations through its CF Acquisition platform. For more information, please visit www.cantor.com.
About Silverstein Properties
Silverstein Properties is a privately held, full-service real estate development, investment and management firm based in New York founded by Larry Silverstein. Silverstein Properties has developed, owned and managed more than 40 million square feet of commercial, residential, retail and hotel space. Recent projects include 7 World Trade Center, the first LEED-certified office tower in New York City (2006), 4 World Trade Center (2013), the Four Seasons Downtown (2016), One West End (2017) and 3 World Trade Center (2018). The company has been recognized as one of the “Best Places to Work in New York City” by Crain’s New York Business for eight years in a row. For more information on Silverstein Properties, please visit: www.silversteinproperties.com or http://www.wtc.com
About VOREA Group
The VOREA Group (VOREA), established in 2009, is a multifaceted real estate company, equipped to perform mid to large scale development projects throughout the Tri-state area. VOREA’s uniquely vertically integrated enterprise includes a thesis-based investment team, a construction management division focused on marrying best-in-class management with best-in-class technology, and an end user platform focused on weaving small business into the fabric of community. VOREA’s corporate culture is defined by its Core Values of accountability, critical thinking, efficient execution, innovation and teamwork.