NEW YORK CITY-The New York City Planning Commission approved a plan by the Lightstone Group to build a major apartment project on Bond Street in Brooklyn.

The commission green-lighted the 700-unit rental apartment project at its meeting on Tuesday. The agency granted Lightstone permission to build on an as-of-right basis, ruling the project complied with a 2009 rezoning of the area, according to The Real Deal. Construction is scheduled to begin on the project later this year.

“We view this development as an enormous opportunity to transform a neglected waterfront resource into a lively component of a thriving residential community with an abundant cultural and recreational life,” Lightstone CEO and Chairman David Lichtenstein states in a news release. See story in The Real Deal.