Construction Financing Secured For 737 4th Avenue In Sunset Park, Brooklyn

BEB Capital and Totem, in partnership with Ofer Cohen and SK Development, have secured financing for a new residential development at 737 4th Avenue in Sunset ParkBrooklyn. The structure will yield 187 residential units with 46 designated as permanently affordable homes with a target average price of 48 percent of the area median income, as well as a ground-level retail space. Walker & Dunlop facilitated the $143 million loan for the 193,000-square-foot, 14-story project.

737 4th Avenue is also planned to include a community benefits agreement to ensure local job creation, in addition to utilizing Minority and Women-owned Business Enterprise (M/WBE) contracting through the duration of its construction. Residents will have access to a variety of amenities, including a coworking space, a fitness center, media lounge, and roof garden with views of the New York Harbor and Brooklyn.

Beyond residential space, the property will include 6,200 square feet of retail space at its ground floor. The space is already partially leased, with Dunkin Donuts committing to opening a 1,275-square-foot coffee shop in the building.

Part of the 421-a program, 737 4th Avenue will benefit from a 35-year tax abatement. Residents will benefit from its close proximity to an array of transit options, including a number of bus lines and the 25th Street station, served by the R Train.

“We’re thrilled to be partnering with Totem and SK Development to deliver Brooklyn’s latest multifamily project,” said Lee Brodsky, CEO of BEB Capital. “737 4th Avenue presents a blend of state-of-the-art, mixed-income residences, retail offerings, and infrastructure benefits to the Sunset Park community and beyond.”