BBG is proud to announce that Camila Almeida and David Shamshovich of the firm’s Tax Exemptions and Zoning Incentives Practice represented the development team in the successful closing of the Mandatory Inclusionary Housing (MIH) Restrictive Declaration for 475 State Street, the second residential tower in the Alloy Block development in Downtown Brooklyn.
Led by Alloy Development, this transformative project – delivered under the City of Yes initiative – will create 583 homes, including 153 permanently affordable units serving very-low, low-, and moderate-income households. Combined with the first tower at 505 State Street (100 Flatbush), which delivered 441 apartments with 45 affordable units, the Alloy Block will provide 1,024 homes in total, including 198 permanently affordable units – a major step toward inclusive housing in New York City.
The Alloy Block also sets a new benchmark for sustainability. The first tower, 505 State Street, is New York City’s first fully electric skyscraper, featuring all-electric systems, Passive House schools, and green infrastructure. Meanwhile, 475 State Street will be NYC’s tallest mixed-use Passive House residential tower, further advancing Alloy’s commitment to climate-conscious design.
BBG is proud to support this milestone transaction, which underscores the firm’s expertise in navigating complex zoning and housing incentive frameworks. We look forward to seeing the continued progress of the Alloy Block and its impact on affordable housing and sustainable development in NYC.