The partnership team of BEB Capital (“BEB”), Totem / Ailanthus, and SK Development today announced the topping out of 737 4th Ave, a 193,000-square-foot, 14-story, 187-unit mixed-income housing and retail development in Sunset Park, Brooklyn. Of the 187 residential units, 46 units will be permanently affordable at an average of 48% of area median income (AMI), one of the lowest AMI averages achieved in the last five years in Brooklyn.
“Today marks an exciting day for our partnership team and the Sunset Park community as we celebrate the topping out of 737 4th Avenue. Once completed, this amenity-rich development will be a fantastic addition to the neighborhood, featuring new retail offerings and modern, mixed-income residences, addressing the city’s need for more affordable housing,” said Lee Brodsky, CEO of BEB Capital.
“Access to affordable housing is one of the greatest challenges facing our city today, and we are proud of our efforts to tackle this issue through projects like 737 4th Avenue, which increases affordable units in Sunset Park at one of the lowest AMI averages in years. We will continue to do the hard work of creating new housing supply that leads to a more equitable and sustainable future for generations to come,” said Ofer Cohen, Principal of Ailanthus.
“This topping out marks an exciting milestone for the city and highlights our dedication to building inclusive communities where people can live, grow, and thrive. We are proud to play a role in helping to make the city a more affordable place to live,” said Scott Shnay, Principal of SK Development.
Marketing of the new units is expected to begin in early 2025, led by the project’s affordable housing partner, Fifth Avenue Committee (FAC). Beyond new housing, the development includes a Community Benefits Agreement (CBA) signed with area community-based organizations including FAC, which will ensure lasting benefits for the neighborhood, such as local jobs, M/WBE contracting, and green infrastructure improvements.
“This topping out milestone is welcome news for Sunset Park, as it means new housing will come online soon, including 46 units of much-needed deeply affordable housing. We are proud to be part of the team that signed on to the CBA that secured these and other lasting benefits for the neighborhood, and we look forward to our continued work with the development team in the months to come to ensure residents know about the opportunity to secure permanently affordable units at 737 4th Avenue, ” said Michelle de la Uz, Executive Director of Fifth Avenue Committee.
737 4th Avenue will also include 6,200 square feet of ground-floor retail space, with an executed lease to former tenant Dunkin Donuts for 1,275 square feet. The building will feature state-of-the-art amenity spaces, including a fitness center, game and media lounge, co-working lounge, private dining and entertainment areas, tenant storage, and a roof garden with sweeping views of Brooklyn and New York Harbor.
Construction on the approximately $143 million project is slated for completion in Fall 2025.
Image Courtesy of: Totem, Ailanthus, & SK Development
About BEB Capital
BEB Capital is a real estate development and investment firm with a portfolio of industrial, office, and multifamily properties across the Northeastern United States. In addition, the firm has interests in a diverse set of businesses, some of which it owns and operates, and others in which it serves as a limited partner. In 2020, the company launched BEB Lending. This platform provides private, quick, and creative financing solutions for commercial real estate assets in primary and secondary assets across the East Coast of the United States. The firm’s institutional-grade operation and entrepreneurial spirit has allowed the firm to create value by completing several million square feet of value-add industrial acquisitions, multifamily conversions and redevelopments.
About Totem
Totem is a Brooklyn-based real estate development firm that specializes in community-driven projects and innovative design. We build intentional, inclusive developments focused on affordability, economic mobility, innovative partnerships, and regenerative design. Our approach utilizes our team’s deep experience in public policy and private sector solutions to bring about outcomes that expand opportunity in the communities where we work. For more information, please visit https://www.totembrooklyn.com/.
About Ailanthus
Ailanthus is a housing creation platform focused on transformative projects in the New York City region. We believe that private enterprise can help address urban challenges while delivering attractive returns with meaningful impact. Drawing on two decades of transactional expertise and navigating government and community processes, our team aims to create 10,000 units of housing over the next five years. For more information, please visit: https://www.ailanthus.co/.
About SK Development
A two-decade-long, father-son partnership between Abe and Scott Shnay —roundtable decision-making enables a bold development vision. “It’s not design by committee,” explains Scott Shnay. “The committee selects the architect, then we trust the architect to design, the same way we trust the contractor to build, and the marketing team to sell or lease in their respective roles.” The result is a portfolio of over twenty development projects in New York, Brooklyn, Queens, Montauk, and the Hudson Valley. For Abe Shnay, “Having worked with my father before, our partnership’s strength consists of being a like-minded family company that shares multi-generational experience and a long-term vision.”
As hands-on developers who enjoy all phases of the process, SK plans and programs projects to be well-designed and built, logical, efficient, and attractive to a large customer base. A collaborative team process is integral in achieving quality results: they take as much pride in the execution of their developments as in the forward-looking design outcomes. The partnership has completed some of New York’s most notable boutique developments including 40 Gansevoort Street, home to the fashion house Theory and designed by Morris Adjmi, 10 Bond Street by Annabelle Selldorf, 301 East 51st Street by COOKFOX, and recently completed, 1228 Madison Avenue by Robert A.M. Stern Architects and 547 West 47th Street by Concrete Amsterdam.
Feature Image Courtesy of: Totem, Ailanthus & SK Development
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