Goldman Sachs will finance a $270 million affordable housing project to build 385 apartments in the East New York neighborhood of Brooklyn, Governor Kathy Hochul’s office said.
- Builds on Mayor Adams’s recent affordability initiatives
- Marks one of the largest single-site investments in the borough
Project Details
The development, led by Goldman’s Urban Investment Group, will also include commercial space, community rooms, and green areas, the governor’s office added.
- Groundbreaking is slated for early 2026
- Aims for LEED Silver certification and on-site childcare
Voices from the Community
“This project helps fight the housing affordability crisis while making East New York more livable for families,” Governor Hochul said.
- Reflects feedback from neighborhood associations
- Tied to park improvements and safer pedestrian routes
Local resident Maria Torres, who has rented nearby for ten years, welcomed the news: “I can finally see my children growing up in a stable home in our own neighborhood.”
Political Context
The city’s housing crunch and rising rents have become a key focus of Democratic mayoral candidate Zohran Mamdani’s campaign.
- Mamdani vows to triple production of permanently affordable, union-built, rent-stabilized homes
- Plans to construct 200,000 new units over the next decade
His stunning victory over former Governor Andrew Cuomo has raised concerns among some business leaders on Wall Street about the fiscal impact of these pledges.
Goldman Sachs’ Track Record
Since 2001, Goldman’s Urban Investment Group has invested nearly $11 billion in affordable housing and other development projects across New York State, including $9 billion in the city.
- Past projects include the Bronx’s Hunts Point landmark redevelopment
- Emphasis on public-private partnerships and workforce training
“Asahi Pompey, chairman of our Urban Investment Group, said, ‘Our investment is a down payment on East New York’s potential, creating thousands of high-quality, affordable homes and essential services to fuel local economic vitality.’”
Community Benefits and Next Steps
- Local Hiring: Commitments to hire 30% of construction workers from within New York City
- Support Services: On-site social programs and small-business grants
- Transit Upgrades: Coordination with MTA to improve bus and subway access
Construction is expected to wrap up by mid-2028, with the first apartments available for leasing in late 2027.
