Starting At $788 For A Studio, Affordable Apartments Break Ground In Brooklyn

New development replaces parking lot with affordable homes, transit access and neighborhood programming space.

By Ainsley Martinez, Patch Staff

Apr 23, 2026 3:25 pm EDT

Cypress Hills project will deliver housing, services and cultural space tied to the Bangladeshi American community. (Courtesy of Cayetano Martos/ Grant Avenue RFP)

BROOKLYN, NY — A new 213-unit affordable housing development in Cypress Hills will combine transit access, community programming and supportive housing.

The project at 570 Eldert Lane, developed by Slate Property Group and Thorobird Companies in partnership with Bangladeshi American Community Development & Youth Services and Goldman Sachs, will rise next to the Grant Avenue subway station in Brooklyn.

Plans call for a 196,000-square-foot building with apartments ranging from studios to four-bedroom units.

Sixty-six apartments will be reserved for formerly homeless residents, while the remaining units will serve households earning between 40 and 80 percent of area median income.

Rents are expected to start at $788 for a studio.

Developers said the project replaces a full-block parking lot with housing and community space, part of a broader push to build near transit and reduce reliance on cars.

The building will include nearly 10,000 square feet of community space operated by BACDYS, which serves the neighborhood’s Bangladeshi American population. The development will also provide on-site supportive services through Urban Pathways.

“Through an extensive engagement process, we heard directly from residents about the need for welcoming, culturally sensitive community spaces,” Herb Regnier, executive director of Bangladeshi American Community Development and Youth Services, said.

Amenities will include a fitness room, rooftop space and a courtyard. A covered pedestrian breezeway will connect residents more directly to the adjacent subway station.

The building is designed to exceed green building standards, with features including solar power, energy-efficient systems, green roofs and water-saving fixtures.

The $160 million development is financed through city housing agencies and private investment, including funding from Goldman Sachs’ Urban Investment Group.

Construction is expected to be completed in 2028, with full occupancy planned for 2029.