Pubilc and Private Partners Announce Start of Construction on 213 Units of Affordable, Transit-Oriented Housing at 570 Eldert Lane

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

Developed as a high-density development, 570 Eldert Lane leverages its immediate adjacency to the subway to reduce car dependency, improve access to jobs and services, and support long-term household affordability. By replacing a full-block surface parking lot with housing and community infrastructure, the project advances the City's goals for sustainable growth, equitable transit access, and climate-conscious land use.

Located on a City-owned through-block awarded by RFP through the NYC Department of Housing Preservation and Development, the 196,000 square foot building will offer nearly 10,000 square feet of community space, operated by BACDYS, which has a long history of serving the area's Bangladeshi American community, as well as on-site supportive services provided by the non-profit, Urban Pathways.

Project partners emphasized the importance of delivering a collaborative, community-centered development that expands access to affordable housing while strengthening neighborhood infrastructure and opportunity.

"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."

"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. We're proud to work alongside Thorobird Companies, BACDYS, and our many public- and private-sector partners whose commitment and collaboration make this project possible."

"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 Bangladeshi American Community Development and Youth Services. "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. We're proud to partner on a development that not only delivers affordable housing, but also invests in the social infrastructure that empowers families and allows communities to thrive."

Affordability: 570 Eldert Lane will serve households on a wide range of income levels. Of the 213 units, 66 apartments will be set aside for formerly homeless residents, with the remaining homes providing 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 have studios, one‐bedrooms, two‐ bedrooms, three‐bedrooms and four‐bedroom apartments-important for serving larger households in this community.

Community: Beyond housing, the project will function as a neighborhood hub. The ground floor will include community space anchored by BACDYS for neighborhood programming. It will also feature an indoor fitness room, a landscaped rooftop and a rear courtyard.

Financing: The $160-million project is being financed through tax-exempt and taxable bonds issued by New York City's Housing Development Corporation, a subordinate loan issued by the New York City Department of Housing Preservation and Development, and financing from the Urban Investment Group at Goldman Sachs Alternatives including LIHTC equity syndicated by CREA, LLC.

Sustainability: Designed to exceed Enterprise Green Communities standards, the project incorporates on-site solar power with battery storage and high-efficiency heating and cooling. The building's exterior will be installed using an innovative unitized panel system, with all insulation, windows and façade components manufactured off site, both reducing construction time and contributing to long-term energy savings and efficiency. To minimize electricity and water use, apartments will include EnergyStar appliances, LED lighting and water-saving fixtures. The project will also add green roofs, permeable paving and drought-tolerant landscaping.

Transit: 570 Eldert Lane is strategically located directly adjacent to the Grant Avenue A train station, offering residents fast, reliable access to Manhattan, Downtown Brooklyn and JFK International Airport. The site is also served by multiple bus routes along Conduit Boulevard, a major east-west corridor connecting Brooklyn and Queens.

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

570 Eldert Lane is targeting construction completion in June 2028, with full occupancy by June 2029.

"570 Eldert Lane is a powerful example of what can be achieved when we center community voices in the fight for affordable housing," said Senator Roxanne J. Persaud. "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. With its direct access to transit and commitment to sustainability, this project is not only expanding housing opportunities but also building a more connected, equitable, and resilient future for our district."

"HPD is acting urgently to build affordable housing on City-owned land. The site is complex - it is next to a subway station and sits atop a subway tunnel - but this creates a perfect opportunity for transit-oriented development," said Patrick Love, Deputy Commissioner of Development, Housing Preservation and Development. "That helps residents get out of their cars and onto transit, improving access to jobs while reducing climate emissions. The project took advantage of the City of Yes zoning changes, enabling us to build even more affordable homes on this site. New Yorkers need more affordable housing-and we'll use every tool at our disposal to build it,"

"This project will deliver more than 210 deeply affordable homes to Cypress Hills, coupled with community space that will strengthen the fabric of the entire community," said HDC President Eric Enderlin. "HDC is proud to finance projects like 570 Eldert Lane that help to meet the housing, health, and economic needs of New Yorkers."

"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."