302-312 Livingston St

Brooklyn, NY

Twining Properties successfully sourced, conducted due diligence, and closed on a significant investment in a promising development project at 302-312 Livingston Street in Downtown Brooklyn. The firm participated as both a Pref Equity and Senior Pref Equity investor in the 23-story residential venture led by Lonicera Partners. Comprising 107,000 net rentable square feet of residential space and 9,450 square feet for retail, the project aligns perfectly with Twining's investment strategy focused on long-term value and community impact.

Twining seized the opportunity to invest in a development that offers a blend of market-rate and affordable housing, making up 70% and 30% of the residential units, respectively. The affordable housing segment accounts for roughly 6% of the building's total residential space, a significant add-on that enhances the project's community footprint and qualifies it for a 35-year 421(a) tax abatement as well as an Inclusionary Housing Bonus.

The investment is particularly well-timed, capitalizing on Downtown Brooklyn's robust demographic and economic trends. The area is slated for significant population growth, yet faces a scarcity in multifamily units due to high land prices. This creates a prime environment for rent growth and long-term holding potential. With no entitlement risk and the acquisition set to close by February 2019, Twining Properties considers this investment a strategically sound move to leverage Brooklyn's growing market.