737 4th Avenue Tops Out in Sunset Park, Brooklyn

Construction recently topped out on 737 4th Avenue, a 14-story mixed-use residential building in Sunset Park, Brooklyn. Designed by Dencityworks Architecture and developed by BEB Capital, Totem/Ailanthus, and SK Development, the 145-foot-tall structure will span 193,000 square feet and yield 187 mixed-income rental units with 46 dedicated to affordable housing, as well as 6,200 square feet of ground-floor retail space with a 1,275-square-foot executed lease to former tenant Dunkin Donuts, which operated at the former occupant of the property before its demolition. The project is located between 24th and 25th Streets.

Recent photographs show the reinforced concrete superstructure built to its parapet and a flag perched atop the southwestern corner. Metal studs and insulation boards have begun to frame out the grid of large rectangular windows on the lower levels, and we could likely see the first glass panels begin installation in the coming weeks. The metal shoring and formwork on the top levels of the building should begin to be dismantled as the concrete finishes settling.

Affordable housing partner Fifth Avenue Committee (FAC) is leading marketing for the units, with leasing expected to commence in early 2025. Residential amenities at 737 4th Avenue will include a fitness center, a game and media lounge, a coworking lounge, private dining and entertainment areas, tenant storage, and an outdoor rooftop garden with panoramic views over the neighborhood, the New York Harbor, and the Manhattan and Downtown Brooklyn skylines.

737 4th Avenue is also planned to include a community benefits agreement to ensure local job creation, in addition to utilizing Minority and Women-owned Business Enterprise (M/WBE) contracting through the duration of its construction. In early March, the project acquired $121 million in financing from Canyon Partners Real Estate and JP Morgan, which originated $96 million, while Tribeca Investment Group made a $25 million preferred equity investment. Walker & Dunlop helped secure the financing.

The nearest subway from the development is the R train at the 25th Street station directly to the south.

737 4th Avenue is expected to cost $143 million to build and is slated for completion in fall 2025.