Domain Companies, a leading New York-based real estate and development company, in partnership with Urban Investment Group within Goldman Sachs Asset Management (Goldman Sachs), Mega Contracting and VOREA Group, announced the closing of a construction loan of $142 million with US Bank for Majestic, located at 540 DeGraw Street in the rapidly growing Gowanus neighborhood of Brooklyn. Closing marks Domain’s continued expansion into the New York market, with Majestic becoming Domain’s fourth large-scale, sustainable, mixed-use, mixed-income property to begin construction in the city in the past 18 month.
The 12-story, $230 million development features 268 units, with 25% of the apartments allocated as affordable housing serving households between 40% and 100% of the area’s median income. The project includes 18,000 square feet of ground floor retail that will be programmed with a mix of food and beverage and neighborhood businesses. Domain has partnered with Arts Gowanus to provide dedicated studio space for local artists as part of the “Gowanus Mix” portion of the space in accordance with the rezoning. The project will utilize New York City’s 421-a tax abatement program and is expected to be completed by 2025.
With stunning interior design, unique architecture, rich amenities and sustainable energy-efficient design, Majestic will make its mark in the highly sought-after neighborhood. Residents will enjoy several indoor and outdoor facilities, including a pavilion and lounge with fireplace, a state-of-the-art fitness center, a children’s playroom, a shared workspace with a dedicated outdoor space and several outdoor green spaces, including outdoor kitchens, a children’s play area and a dog. Course. Majestic will include 24/7 concierge service, smart home technology, on-site parking, bike storage, and the MyDomain suite of resident services offered across all estate properties. Sustainability measures include targeting LEED Platinum certification, green roof, cogeneration, water reuse, electric vehicle charging stations, and more.
As Gowanus’ best indoor venue, located directly adjacent to Thomas Green Park, Majestic residents will benefit from the park’s upcoming redevelopment and expansion. The city will create 1.6 acres of new adjacent parkland in Nevins Street and along the Canal Parkway. Improvements to Thomas Greene Park include an expanded swimming pool and pool house, playground, green spaces and sports facilities. The site offers convenient access to local retail businesses, highly ranked schools and renowned restaurants.
Domain has over 1.8 million gross square feet under development in New York, totaling over $1.2 billion, with 1,659 apartments in Mott Haven, Bronx; Gowanus, Brooklyn; and Hunter’s Point, Long Island City, comprising nearly 500 units set aside for affordable housing. As one of New York’s most active developers, Domain actively seeks opportunities in the nation’s most populous market, focusing on sustainability, community engagement, and design, architecture, and exceptional hospitality. Each development is located in one of New York’s most vibrant and desirable submarkets, surrounded by renowned restaurants, cultural institutions and outdoor amenities, and within walking distance of public transportation. Each development will be positioned among New York’s top housing products, with comprehensive amenities programs that support working from home and prioritize wellness. Each is mixed-income, serving a range of household types, and includes a significant commercial component to support neighborhood retail businesses and services. Most importantly, community engagement is at the heart of every project before construction and a key priority after opening.
Domain has worked closely with a number of community organizations to ensure that all new projects support the local community and existing residents. These organizations include the Gowanus Canal Conservancy, to assist in the stewardship of the Gowanus watershed, and the Friends of Thomas Green Park, to support ecological and economic uses of the park. Participation in Domain’s MyCommunity program, which supports local nonprofits and coordinates volunteer opportunities throughout the year, will also be available to all residents of all developments.
“It’s incredibly exciting to move forward with another project in Gowanus and New York,” said Matt Schwartz, co-CEO of Domain Companies. “The Majestic is the culmination of more than five years of close collaboration with the Gowanus community. Our team looks forward to providing the highest quality homes and amenities for the community to enjoy for generations”
“We are excited to take another step towards delivering Majestic to the community of Gowanus,” said Hercules Argyriou of Mega Contracting Group. “Majestic will provide the local community with top quality housing, including affordable housing options, with great amenities, retail and community spaces, further adding to the vibrant and rapidly growing character of the neighborhood. We are very fortunate to be associated with companies in the field, the UIG and the VOREA group to bring this project to life.
The financing was arranged by JLL Real Estate Capital. Mega Contracting will act as general contractor. Handel Architects is the project architect and Good Rich is responsible for the interior design. Majestic takes its name from Majestic Quality Products, a light fixture manufacturer that constructed a building on the site in 1950.
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