Slate Property Group, Thorobird Companies and BACDYS secure financing for transit oriented affordable project at 570 Eldert Lane

Brooklyn, NY The joint venture of Slate Property Group, Thorobird Companies LLC and Bangladeshi American Community Development & Youth Services (BACDYS), made known the financial close of 570 Eldert Ln., a transit-oriented affordable housing development delivering 213 homes adjacent to the Grant Ave. A train station in Cypress Hills.

Designed as a high-density development, 570 Eldert Ln. leverages its immediate adjacency to the subway to reduce car dependency, improve access to jobs and services, and support long-term household affordability. By replacing a full-block surface parking lot with housing and community infrastructure, the project advances the city’s goals for sustainable growth, equitable transit access, and climate-conscious land use.

Located on a city-owned through-block awarded by RFP through the NYC Department of Housing Preservation and Development, the 196,000 s/f building will offer nearly 10,000 s/f of community space, operated by BACDYS, which has a long history of serving the area’s Bangladeshi American community, as well as on-site supportive services provided by the non-profit, Urban Pathways.

“This is a project that brings together transit accessibility, the neighborhood’s vibrant immigrant community and the urgent need for more affordable homes. We are so grateful for this partnership with BACDYS and Thorobird, and the support of all our government partners as we take this years-long vision and turn it into a reality,” said David Schwartz, principal of Slate Property Group.

“570 Eldert Ln. reflects the kind of development we believe in — deeply rooted in the community, centered on transit access, and delivered through meaningful participation by minority- and women-owned businesses,” said Griffin Giordano, director of real estate development of Thorobird Cos. “Transforming a long-underutilized parking lot into high-quality affordable housing and community space is exactly how we create equitable, lasting impact in neighborhoods like East New York.”

“This place will be so much more than housing. It’s going to become the beating heart of our Bangladeshi American community, a place where children, families and elders all come together to share culture and space. We are so proud to work alongside our partners to enrich the life of the neighborhood and bring this new community center to life,” said Herb Regnier, executive director of BACDYS.

Affordability: 570 Eldert Ln. will serve households on a wide range of income levels. Of the 213 units, 66 apartments will be set aside for formerly homeless residents, with the remaining homes providing low-income families earning between 40% and 80% of Area Median Income (AMI), with rents starting at $788 for a studio apartment. The building will have studios, one-bedrooms, two-bedrooms, three-bedrooms and four-bedroom apartments – important for serving larger households in this community.

Community: Beyond housing, the project will function as a neighborhood hub. The ground floor will include community space anchored by BACDYS for neighborhood programming. It will also feature an indoor fitness room, a landscaped rooftop and a rear courtyard.

Financing: The $160 million project is being financed through taxable and tax-exempt bonds issued by New York City’s Housing Development Corp., a subordinate loan issued by the New York City Department of Housing Preservation and Development, and financing from the Urban Investment Group at Goldman Sachs Alternatives including LIHTC equity syndicated by CREA, LLC.

Sustainability: Designed to exceed Enterprise Green Communities standards, the project incorporates on-site solar power with battery storage and high-efficiency heating and cooling. The building’s exterior will be installed using an innovating unitized panel system, with all insulation, windows and façade components manufactured off site, both reducing construction time and contributing to long-term energy savings and efficiency. To minimize electricity and water use, apartments will include EnergyStar appliances, LED lighting and water-saving fixtures. The project will also add green roofs, permeable paving and drought-tolerant landscaping.

Transit: 570 Eldert Ln. is located adjacent to the Grant Ave. A train station, offering residents fast, reliable access to Manhattan, downtown Brooklyn and JFK International Airport. The site is also served by multiple bus routes along Conduit Blvd., a major east-west corridor connecting Brooklyn and Queens.

As part of the development, the project will introduce a new covered pedestrian breezeway, significantly improving neighborhood access to the subway station and enhancing safety, weather protection, and accessibility for commuters, families, and seniors.

570 Eldert Ln. is targeting construction completion in June 2028, with full occupancy by June 2029.