Public and Private Partners Break Ground on $160M Affordable Transit-Oriented Development in Cypress Hills, Brooklyn

Co-developers Thorobird Companies and Slate Property Group, in partnership with Bangladeshi American Community Development & Youth Services (BACDYS) and Goldman Sachs, announced the start of construction on April 23, 2026, on 570 Eldert Lane — a $160 million, 213-unit affordable transit-oriented development directly adjacent to the Grant Avenue A train station in Cypress Hills, Brooklyn.

The project replaces a full-block, city-owned surface parking lot with a 196,000-square-foot mixed-use building that includes nearly 10,000 square feet of community space. The site was awarded to the development team through a Request for Proposals process administered by the New York City Department of Housing Preservation and Development (HPD). Construction completion is targeted for June 2028, with full occupancy expected by June 2029.

Financing Structure

The $160 million project is being financed through tax-exempt and taxable bonds issued by the NYC Housing Development Corporation (NYCHDC), a subordinate loan from HPD, and financing from the Urban Investment Group at Goldman Sachs Alternatives, including Low-Income Housing Tax Credit (LIHTC) equity syndicated by CREA, LLC.

"HDC is proud to finance projects like 570 Eldert Lane that help to meet the housing, health, and economic needs of New Yorkers," said HDC President Eric Enderlin.

"Goldman Sachs believes innovative capital solutions not only provide communities with affordable housing, but also clear pathways to long-term stability and opportunity," said Dan Alger, head of the Urban Investment Group at Goldman Sachs Alternatives. "This development will provide residents with a direct link to the broader New York City economy and critical access to jobs, essential services and education."

Transit-Oriented Development

570 Eldert Lane is positioned as a high-density, transit-oriented development. The building sits directly adjacent to the Grant Avenue A train station and is also served by multiple bus routes along Conduit Boulevard, a major east-west corridor connecting Brooklyn and Queens.

"570 Eldert Lane reflects the kind of thoughtful, transit-oriented development that is critical to addressing New York's housing needs in a meaningful and lasting way at scale," said Thomas Campbell, Managing Member and Principal at Thorobird Companies. "At Thorobird, we are focused on creating high-quality, community-centered housing that expands access to opportunity while remaining deeply responsive to the neighborhoods we serve. This project is a strong example of what can be achieved through true partnership, bringing together public, private, and community stakeholders to deliver housing that is both impactful and enduring."

HPD Deputy Commissioner of Development Patrick Love noted that the site presents unique engineering challenges — it sits atop a subway tunnel — while also creating an opportunity for dense, transit-adjacent housing. "HPD is acting urgently to build affordable housing on City-owned land," Love said. "The project took advantage of the City of Yes zoning changes, enabling us to build even more affordable homes on this site."

"570 Eldert represents exactly the kind of forward-thinking, community-driven development New York needs right now," said David Schwartz, Co-Founder and Principal at Slate Property Group. "By delivering 213 units of affordable housing alongside a dedicated Bangladeshi American community center and seamless access to transit, this project reflects a new approach to building stronger, more connected neighborhoods."

As part of the development, the project will introduce a new covered pedestrian breezeway to improve neighborhood access to the subway station, enhancing safety, weather protection, and accessibility for commuters, families, and seniors.

Affordability and Community Programming

Of the 213 units, 66 apartments will be set aside for formerly homeless residents, with on-site supportive services provided by the nonprofit Urban Pathways. The remaining homes will serve low-income families earning between 40 and 80 percent of Area Median Income (AMI), with rents starting at $788 for a studio apartment. The building will offer studios, one-bedroom, two-bedroom, three-bedroom, and four-bedroom apartments to accommodate larger households.

Beyond housing, the ground floor will include community space operated by BACDYS, which has a long history of serving the area's Bangladeshi American community. The building will also feature an indoor fitness room, a landscaped rooftop, and a rear courtyard.

"The groundbreaking of 570 Eldert Lane is especially meaningful for our community because it reflects the voices and priorities of the Bangladeshi American families we serve," said Herb Regnier, Executive Director of BACDYS. "Through an extensive engagement process, we heard directly from residents about the need for welcoming, culturally sensitive community spaces and this new center will provide the critical programming and services to help us meet that need."

New York State Senator Roxanne J. Persaud also highlighted the project's significance. "This development will bring over 200 much-needed affordable homes to Cypress Hills, including supportive housing for our most vulnerable neighbors, while creating space for culturally responsive services that reflect the strength and diversity of our Bangladeshi American community," Persaud said.

Sustainability and Design

The building is designed to exceed Enterprise Green Communities standards. Sustainability features include on-site solar power with battery storage, high-efficiency heating and cooling, EnergyStar appliances, LED lighting, and water-saving fixtures. The building's exterior will use an innovative unitized panel system, with insulation, windows, and façade components manufactured off site to reduce construction time and improve long-term energy efficiency.

Additional green features include green roofs, permeable paving, and drought-tolerant landscaping. By replacing a surface parking lot with dense, transit-accessible housing, the project also advances the city's goals for climate-conscious land use and reduced car dependency.