22 Chapel

In Q2 2022 and in partnership with a non-profit investor, Delshah plans to deliver to market 22 Chapel Street, a new construction, fully-amenitized 180-unit mixed use property in the Downtown Brooklyn submarket of New York. The Property spans 192,000 square feet across 21 floors and was constructed pursuant to the 70/30 Affordable New York program, providing ownership with a 35-year 421a tax abatement that will substantially offset real estate taxes for the foreseeable future.

Address

22 Chapel Street, Brooklyn, NY

use

Multifamily, Parking

Retail, Community Facility

investment strategy

Core+

market value

$134,000,000

year built

2022

year aquired

2018

size

190,000

floors

Pursuant to the abatement, 125 of the units are market rate and 55 of the units are reserved for qualified applicants earning not more than 130% of the Area Median Income. The Property is also advantaged by its transit-oriented location within a unique Qualified Opportunity Zone, which possesses both exceptional demographics and superior commute times to Manhattan.

Designed by award-winning architect CentraRuddy and developed by a Delshah-led joint venture between 2018 and 2021, the Property is over 95% complete and is presently securing its temporary certificates of occupancy prior to leasing up to 100% physical occupancy during 2022.