Alloy Development secured a $290 million loan from New York Life for its 44-story, all-electric tower at 505 State Street in Brooklyn, replacing a $210 million construction loan. The 441-unit rental building is 85% leased, with 45 affordable units available through a lottery. Market-rate rents range from $3,970 to $7,755. The project includes two passive-house public schools, retail, and office space, with bike parking but no car parking. Alloy plans to begin the second phase of its development next year, which will add more affordable units, bringing the total to 200 across the site.
441-unit rental building
