Domain Companies secures construction financing for 360-unit development

New York, NY The Domain Companies, a leading real estate and development firm, have closed 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 the Gowanus neighborhood. At 386,000 s/f, 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.

420 Carroll St. is situated directly on the waterfront at the to-be-constructed 1st St. 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 landscape architecture firm Scape. The community will also include approx. 27,500 s/f of commercial and retail space, including about 7,700 s/f 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.

High-end finishes and 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 St. property in partnership with affiliates of Cantor Fitzgerald, L.P., a global financial services firm and real estate investment company, Silverstein Properties, a 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.