Exclusive: Alloy Development lands $240M to start construction on 80 Flatbush

Alloy Development has closed on $240 million in construction financing for the first phase of its massive Downtown Brooklyn project, clearing the way for the company to start building in a few weeks following a lengthy predevelopment process that included a height reduction and a legal battle.

The project, formerly known as 80 Flatbush but recently redubbed the Alloy Block, is expected to include five buildings with about 850 apartments—roughly 200 of which will be affordable—along with 200,000 square feet of office space, 40,000 square feet of retail space, two schools and more than 500 parking spots for bicycles. The first phase consists of the two schools and

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