Home ECONOMY Developers beat NY tax-break deadline to squeeze high-rise into downtown Brooklyn

Developers beat NY tax-break deadline to squeeze high-rise into downtown Brooklyn

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Just in time to beat the expiration of the state’s 421a tax-abatement program, developer Steven Witkoff and Apollo broke ground last week on The Brook, a 600-foot-tall rental apartment tower at 589 Fulton St. in downtown Brooklyn’s Albee Square area. The building will have 591 apartments and 42,000 square feet of retail space.

The 421a program, which offers residential developers certain tax abatements for providing affordable housing units, ends on June 15 – to the dismay of real estate developers and to many proponents of affordable housing construction. To realize a 35-year tax benefit, 30 percent of the Brook’s units will be affordable and spread throughout the building. The first move-ins are scheduled for late 2024.

The tower designed by Beyer Blinder Belle also boasts 30,000 square feet of indoor and outdoor tenant amenities. It is next door to 555 Fulton St., the planned glass-wrapped, low-rise retail building also by Witkoff and Apollo at the wraparound corner of Fulton Street, DeKalb Avenue and Bond Street.

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