Construction to Begin of NYC’s First All-Electric Residential Tower Following $240M Financing

Alloy Development, in partnership with the New York City Educational Construction Fund (ECF), has secured $240 million in financing for the construction of the first phase of the Alloy Block (formerly known as 80 Flatbush). Construction will comprise New York City’s first all-electric residential tower—reaching 44-story and 480 linear feet and first Passive House-compliant public schools—a public elementary school and the new Khalil Gibran International Academy (KGIA). Upon full construction completion, the Brooklyn development site bound by Flatbush Avenue, Schermerhorn Street, 3rd Avenue and State Street will also host a roughly 840-foot-tall mixed-use tower, along with two preserved historic structures.