Alloy's 1,502-unit Brooklyn plan enters borough review, $5M loan

Alloy Development and GFB Development’s 1,502-unit plan at 240 Nassau Street in Downtown Brooklyn moved from community board review to the Brooklyn Borough President on Oct. 6, and a $5M mortgage was recorded on the site two weeks earlier. For developers and lenders, it is a large rezoning with a public school attached and a dated path to the City Planning Commission.

Why it matters

The application is a joint filing by the NYC Educational Construction Fund and 240 Nassau Street Holdings, LLC. The Fund pairs a replacement school with private housing, so the school is built without a separate capital line. The team named in press coverage is the Fund, Alloy and GFB, per 6sqft, which also reports Alloy bought the former Boys & Girls Club clubhouse on the site in 2023.

The record shows a $5,000,000 mortgage recorded Sept. 21 for 240 Nassau Street Owner, LLC, with Maxim Credit Group as lender. It sits on block 110, lot 25, which is one of the two lots in the ZAP application. We did not verify who controls that borrower entity, and a $5M loan is small against a 1.4M sq ft program. It reads as site-level financing ahead of entitlement, not construction debt.

The numbers

The filing seeks a zoning map change from R6 to C6-12, a text amendment and a ZR 74-752 special permit. The program is about 1.4M sq ft with 1,502 units, 302 of them permanently affordable. It also includes 132,000 sq ft of community facility space with the public school, 27,000 sq ft of commercial space and 20,000 sq ft of public open space. The application is classed ULURP and is In Public Review, per the ZAP record.

What’s next

Borough President review runs to Nov. 4 on ZAP’s planned dates. The Commission review session is planned for Nov. 16, the hearing for Nov. 18 and the vote for Dec. 2, followed by City Council review into January 2027. These dates are proposals on the schedule, not decisions. Nothing has been approved. Track the Brooklyn pipeline on our New York hub.