See the 17-story mixed-use rental coming to Atlantic Avenue in Bed-Stuy

Another high-rise residential tower is coming to Brooklyn’s once-industrial Atlantic Avenue corridor. Douglaston Development on Wednesday announced it secured financing for a 17-story, 474,000-square-foot mixed-use development at 1057 Atlantic Avenue in Bed-Stuy that will include 456 rental apartments and new neighborhood amenities. The tower joins several new and proposed developments on this strip of Atlantic Avenue that will bring hundreds of new homes to the area.

Developed by Douglaston Development, BEB Capital, and Totem, and designed by dencityworks, the $320 million development is one of the last new housing projects eligible for a long-term tax exemption under the recently expired Affordable New York Housing Program, known as 421-a.

Of the 456 one-, two-, and three-bedroom units, 137 of them will be designated as affordable, with a majority set aside for New Yorkers earning 60 percent of the area median income.

Amenities at 1057 Atlantic Avenue include a fitness center, game room, lounge, golf simulator, screening room, a children’s playroom, an underground parking garage, and a landscaped roof deck offering breathtaking views of Manhattan’s skyline. There will also be 31,000 square feet of ground floor retail.

The building will be constructed with sustainability in mind, using state-of-the-art “microgrid battery technology,” an energy-efficient power system. Other sustainable design features include “wood-composite exterior cladding, multiple green roofs, and rainwater collection systems,” according to Yimby.

The new development sits on the site of Bed-Stuy’s former Diamond Reef Bar, a beloved tiki bar that was forced to close in 2021 after learning that its landlord had sold the building, according to Brooklyn Magazine.

Proposals for the project were approved unanimously by Brooklyn’s Community Board 3 in July 2021 and by the City Council that fall. Following feedback from the community about apartment layouts, the developer decided that the floorplans would range from one to three bedrooms, according to Yimby.

“At a time when New York City is in vital need of more affordable housing options and expanded market-rate supply, we’re excited to bring another best-in-class housing option to residents of Bed-Stuy and the larger Brooklyn community,” Jeffrey Levine, chair of Douglaston Development, said.

Construction is now underway and is expected to be complete by late 2025.

Map of Atlantic Avenue Mixed-Use Plan area; courtesy of Department of City Planning

Several individual rezonings have been approved in recent years, leading to several new luxury developments along Atlantic Avenue and Pacific Avenue.

As part of a broader plan to redevelop 13 blocks of the thoroughfare between Vanderbilt and Nostrand Avenues, the city is currently working with the community to create the Atlantic Avenue Mixed-Use Plan, which aims to “support new housing with affordable housing, new space for jobs and services, safer, more pedestrian-friendly streets and investments in neighborhood improvements.”

The city has hosted public meetings to gather feedback from local communities. A formal public review of the proposal is expected to begin next year.

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