DOWNTOWN BROOKLYN — Alloy Development has finalized $290 million in permanent financing for 505 State Street, New York City’s first all-electric skyscraper. The funding, provided by New York Life Real Estate Investors, replaces a $210 million construction loan from Goldman Sachs and Related Companies. With the refinancing, Alloy becomes the sole equity stakeholder, taking out preferred equity partner Ares Management. JLL arranged the deal, with a team led by Chris Peck, Peter Rotchford, and Nicco Lupo.
Located at the intersection of State Street and Flatbush Avenue in Downtown Brooklyn, 505 State Street forms the centerpiece of the first phase of the Alloy Block. The 44-story tower features 441 rental apartments, including 45 affordable units, and is powered entirely by renewable solar energy. Since leasing began in March 2024, the building has achieved 85% occupancy.
“Today’s announced refinancing marks a significant milestone for the Alloy Block, which, when fully completed, will bring much-needed housing, office, retail, and educational spaces to the heart of Downtown Brooklyn,” said Jared Della Valle, CEO of Alloy Development. “Since 505 State Street residential leasing launched earlier this year, we’ve seen an unprecedented unit absorption, highlighting the demand for sustainable, high-quality living while reaffirming our vision behind this transformative project. We are deeply grateful to our partners who made this refinancing possible and look forward to advancing the Alloy Block as we move forward into Phase Two.”
The building’s all-electric design eliminates carbon emissions through electric systems like induction cooktops, heat-pump dryers, and electric HVAC, creating healthier indoor environments. Apartments are designed with exposed concrete ceilings, energy-efficient windows, and custom Italian kitchens.
Situated near Atlantic Terminal, the city’s second-largest transit hub, 505 State Street exemplifies energy-efficient, transit-oriented development, offering more than 200 bike parking spaces and no car parking. The Alloy Block also includes two Passive House-certified public schools developed in collaboration with the NYC Educational Construction Fund.
When fully realized, the Alloy Block will comprise 1,000 residences, 60,000 square feet of office space, 50,000 square feet of retail, and cutting-edge educational facilities, reinforcing Downtown Brooklyn’s role as a hub for sustainable urban living.
