NEW YORK CITY—A total of $65 million in debt and equity has been raised for 1 Flatbush Ave., Downtown Brooklyn's planned 19-story, mixed-use rental project being developed by Slate Property Group. Eastern Consolidated managing directors Adam Hakim and Sam Zabala raised the capital and financial associate James Murad assisted with the deal.
The team arranged financing for the acquisition and pre-development phases of the 172,000-square-foot project, which calls for 156 one- and two-bedroom rental units, of which 124 will be free market and the remainder will be affordable. Located at the intersection of Flatbush Avenue, Fulton and Nevins Streets, the development also will offer close to 30,000 square feet of retail space and a fitness facility for tenants.
“This mixed-use project will transform an underdeveloped corner in Downtown Brooklyn and offer retailers a space with an unprecedented level of exposure from the heavy vehicular and foot traffic on Flatbush Avenue.” says Hakim. “It was a pleasure working on this project with Slate Property Group, which is one of New York City's most active residential developers.”
The development sits atop the Nevins Street station, where the 2, 3, 4, and 5 train lines converge, and is a short walk from the transportation hubs at Atlantic Terminal and DeKalb Avenue. Together these stations handle an average of 71,000 subway riders each day, while 50,000 cars per day travel on Flatbush Avenue.
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