Brooklyn, NY Quinlan Development Group, a privately-owned real estate investment and development firm, has broken ground on its newest project at 230 Classon Ave., on the corner of Willoughby Ave. in Clinton Hill. Located on a parcel owned by St. Mary’s Church, the 17-story, 143,000 s/f mixed-income rental will feature 138 one- and two-bedroom residences, all with private balconies, and some with yards. In addition, 30% of the apartments will be offered as affordable income rentals.
Designed by DXA Studio, with a focus on highly efficient layouts, plans include 8,700 s/f of outdoor space with such features as a private street-level park, landscaped outdoor space on the third floor, and a furnished roof deck offering magnificent 360° views. 4,200 s/f has been allocated to indoor amenities, including a study lounge/business center, bike room, tenant storage areas, dog run, fitness center, and recreational lounge with pool table, television, and entertainment kitchen. In addition, there will be on-site parking with 98 spaces.
“Despite the challenges of the last year, our belief in Brooklyn and the rest of New York City remains strong,” said Tyler Wilkins, partner of Quinlan Development. “It is during turbulent times when we become most active. We are confident in New York City’s resiliency and persistent need for new housing.”
The lender for the project is CIT Group Inc., with Hines Realty Income Fund, providing $35.7 million in financing. Gideon Gil and Dan O’Brien from Cushman & Wakefield provided advisory services throughout the acquisition and financing processes. The project is expected to be brought to market in spring 2023.
Founded in 1971, Quinlan Development Group is a private company specializing in value-added real estate investment and development. Its strategy is to focus on locations with strong growth potential and in opportunities where value is realized through creative and experienced management. Quinlan Development Group has been involved in over three and a half million square feet of real estate investments and new developments and currently owns 27 properties. 230 Classon will be this Manhattan-based developer’s fifth Brooklyn project.