Deal Is Expected To Sharply Boost Affordable Housing Supply in Borough’s Neighborhood
BEB Capital and Totem’s successful $66 million sale of 1057 Atlantic Avenue in Brooklyn’s Bedford-Stuyvesant neighborhood to Douglaston Development paves the way for a transformative 456-unit mixed-income project, including 137 permanently affordable units. The $320 million development, one of the last to qualify for the 421-a tax exemption program, will increase affordable housing in Bed-Stuy by more than 50% since 2014 when completed in late 2025.
