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NYC Waterfront Towers Get $385 Million in Construction Loans

Mix of rentals and condos planned at Blavatnik-Naftali site in Brooklyn, a bet on future demand even as NYC’s real estate market slows.

A rendering of the project on Kent Avenue in the Williamsburg neighborhood.

A rendering of the project on Kent Avenue in the Williamsburg neighborhood.

Source: Naftali Group

A real estate project on Brooklyn’s waterfront obtained $385 million in construction loans, a sign of confidence in New York’s residential market at a time when rents are plateauing and apartment sales have slowed.

Plans for the project, on Kent Avenue in the Williamsburg neighborhood, call for three towers with a total of 471 rental units, 90 condos and retail space. Completion is expected by 2025 at an expected cost of $550 million, according to developer Naftali Group and Len Blavatnik’s Access Industries, the site’s majority owner.