Credit: Think! Architecture + Design PLLC6
A mixed-use residential project in Cypress Hills, set to deliver more than 200 affordable apartments just steps from the subway, moved ahead this week. On Tuesday, a joint venture of Slate Property Group, Thorobird Companies, and Bangladeshi American Community Development & Youth Services (BACDYS) closed on 570 Eldert Lane, a transit-oriented development that will add 213 homes adjacent to the A train at Grant Avenue. The property will also include 10,000 square feet of community space operated by BACDYS, along with on-site supportive services from the non-profit Urban Pathways.
Of the 213 units, 66 will be reserved for formerly homeless residents, while the remaining apartments will serve low-income families earning between 40 and 80 percent of the area median income, with rents starting at $788 per month for studio units. The development will include a mix of studios, one-, two-, three-, and four-bedroom apartments to address the community’s need for housing that can accommodate larger households.
Designed as a high-density development, the $160 million project replaces a former parking lot. Its proximity to the subway aims to reduce car dependency, improve access to jobs and services, and support long-term household affordability.
The 196,000-square-foot building is slated for construction on a city-owned through-block awarded via a request for proposals (RFP) from the Department of Housing Preservation and Development (HPD). To further enhance transit access, the project will include a new covered pedestrian breezeway, providing a faster, more sheltered route to the subway for residents.
Aiming to exceed Enterprise Green Communities standards, the designers have incorporated a number of sustainable features, including on-site solar power with battery storage and high-efficiency heating and cooling systems.
The building’s exterior will be constructed using a cutting-edge unitized panel system, with insulation, windows, and facade components manufactured off-site to reduce construction time and enhance long-term energy efficiency.
Apartments will also include EnergyStar appliances, LED lighting, and water-saving fixtures to minimize electricity and water consumption, while the project will feature green roofs, permeable paving, and drought-tolerant landscaping.
BACDYS, a long-time steward of the Bangladeshi community in the area, will operate a ground-floor community space offering neighborhood programming.
“This place will be so much more than housing,” Herb Regnier, executive director of BACDYS, said. “It’s going to become the beating heart of our Bangladeshi American community, a place where children, families and elders all come together to share culture and space. We are so proud to work alongside our partners to enrich the life of the neighborhood and bring this new community center to life.”
The project is being financed through a combination of taxable and tax-exempt bonds issued by the city’s Housing Development Corporation, a subordinate loan from HPD, and funding from Goldman Sachs Alternatives’ Urban Investment Group.
“570 Eldert Lane reflects the kind of development we believe in—deeply rooted in the community, centered on transit access, and delivered through meaningful participation by minority- and women-owned businesses,” Griffin Giordano, director of real estate development at Thorobird Companies, said.
“Transforming a long-underutilized parking lot into high-quality affordable housing and community space is exactly how we create equitable, lasting impact in neighborhoods like East New York.”
Permits were filed for the project in March, calling for an 8-story building spanning 176,851 square feet with Martin Kapell listed as the architect of record, as reported by Yimby.
Construction is slated for completion in June 2028, with full occupancy expected by June 2029.
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