Real Estate and Community Development

Kay's Place

Goldstein Hall clients Mercy Home for Children, Inc. and Procida Development Group LLC (PDG) joined forces to build an eleven-story mixed-use building at 487 4th Avenue in the recently-rezoned Gowanus neighborhood of Brooklyn, which Project closed on financing in 2023 and construction will be completed in 2025. Located at the intersection of 12th Street and 4th Avenue, the Project’s prime corner location leverages public transportation access; the site is a two-minute walk to the 4th Avenue-9th Street subway station for easy access to the MTA F, G, and R trains as well as close proximity to four bus routes. The 107-foot-tall, ADA-compliant building will yield over 38,000 square feet designated for forty-three affordable rental residences and more than 2,100 square feet for commercial space along the robust 4th Avenue corridor. Other amenities include almost 2,000 square feet of outdoor recreational area and gardens on the roof, a communal modern laundry room and an abundance of bicycle storage areas. The building design is by Aufgang Architects and Procida Construction Corp. is the general contractor.

The Project’s affordable housing will be available at program rent AMIs of 40%, 50%, 60%, 70% and 80% and eight of the units will receive project-based Section 8 vouchers. Project funding came from Webster Bank, the New York City Department of Housing Preservation and Development and an award of Resolution A monies. These Reso A funds are discretionary and represent substantial local political support for the Project by former Brooklyn Borough President (now Mayor) Eric Adams, contributing a total of $500,000 to the Project in FY 2021, and former Council Member (now Comptroller) Brad Lander committed $750,000 in FY 2022.

Additional capital funding from The New York State Office for People With Developmental Disabilities (OPWDD) will support Mercy Home’s programming for developmentally disabled New Yorkers living in the Project, including the Mercy Home Plant-Grow Give Program, which uses gardening and other plant-based activities, under the guidance of a trained therapist, to achieve social and physical well-being.

Goldstein Hall’s Role

Goldstein Hall’s Role

Goldstein Hall proudly served as legal counsel for the collaborative efforts of Mercy Home for Children, Inc. and Procida Development Group LLC (PDG) in their ambitious project to construct an impressive eleven-story mixed-use building situated at 487 4th Avenue within the newly-rezoned Gowanus neighborhood of Brooklyn. This transformative project reached a significant milestone in 2023 when it successfully closed on financing, setting the stage for the construction phase, which is slated for completion by 2025. Our team adeptly managed complex legal matters related to zoning changes, financing arrangements, and regulatory compliance, aligning all aspects of the project with the governing laws and regulations. We also provided strategic counsel during the financing phase, facilitating a seamless transition into the construction stage.
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