【NYC Real Estate】Avery Hall Investments Plans 250-Unit Mixed-Use Tower in Crown Heights
- ARCFE U.S.
- 13 hours ago
- 2 min read
The residential development market in New York City continues to thrive, driven by robust tenant demand and supportive zoning policies. Recently, prominent Brooklyn-based developer Avery Hall Investments officially filed plans with the New York City Department of Buildings (NYC DOB) to construct a new 18-story mixed-use residential tower in the heart of Brooklyn’s Crown Heights neighborhood.
Located at 1550 Bedford Avenue, at the prominent intersection of Eastern Parkway and Bedford Avenue, the development site boasts an exceptional location. It sits just two blocks east of the Brooklyn Museum and Brooklyn Botanic Garden, right at the northern tip of Prospect Park. According to the DOB filing, the proposed 173,184-square-foot building will yield 250 residential units, with 75 apartments designated as permanently affordable housing under the city's Mandatory Inclusionary Housing (MIH) program. The building will feature a residential lobby entrance along Eastern Parkway, with commercial retail and service spaces fronting Bedford Avenue.
Interestingly, this vacant lot was once destined to become a luxury hotel, with permits approved back in 2019. However, the project stalled after the foundations were laid due to the bankruptcy of its former owner, Yoel Goldman. Seizing a prime market opportunity, Avery Hall acquired the 19,200-square-foot site in August 2025 for $10.1 million, as reported by The Real Deal. The developer's decision to pivot from hotel use to high-density housing highlights the overwhelming demand for residential assets across New York City. This trend of converting commercial or underutilized spaces into residential use mirrors other major projects in the city, such as the 1740 Broadway office-to-residential conversion in Manhattan.
Avery Hall has an established track record of successful residential developments in Brooklyn, including a 133-unit mixed-use project in Gowanus and the luxury residential tower One Boerum Place in Downtown Brooklyn. For global investors looking to secure their capital and green cards through the US EB-5 Program, the continuous influx of institutional capital into prime Brooklyn residential developments serves as a powerful testament to the enduring strength and stability of the New York real estate market.
Source: Commercial Observer
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