18 Sixth Avenue at Pacific Park Brooklyn, NY
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    HIT Investment

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    Total Development Cost

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    Total Economic Benefit

“The Pacific Park development is creating much needed housing in Brooklyn while ensuring that a transformative development of this scale is built with the quality, timeliness and safety that New York City has come to expect from the unions of the Building Trades. Bringing pension capital to the table only makes the partnership stronger.” —Gary LaBarbera, President, Building and Construction Trades Council of Greater New York

PROJECT DESCRIPTION

18 Sixth Avenue at Pacific Park is an 858-unit apartment development currently under construction adjacent to the Barclays Center in Brooklyn, NY. With a total development cost of $710 million, a 50-story mixed-use, mixed-income apartment building is being erected on the site which will contain an above grade gross building area of 809,220 square feet upon completion. Of the 858 residential units, 601 units will be market rate and 257 will be affordable. The development is targeting a LEED designation for sustainability. Additionally, the project is close to Brooklyn’s largest (and New York City’s 3rd largest) transit hub, making it easily accessible by mass transit to all parts of New York City and the region.

HIT ROLE

The AFL-CIO Housing Investment Trust (HIT) is part of a syndicate of institutional lenders that together are providing an aggregate $460 million construction loan for the development of 18 Sixth Avenue at Pacific Park. The HIT’s $100 million commitment represents the largest direct construction loan in its history.

SOCIAL IMPACT

This is the 6th phase of the Pacific Park revitalization in Brooklyn. 18 Sixth Avenue at Pacific Park, the tallest tower of the mega-development, will create nearly 3.9 million hours of union construction work and generate $982.9 million in total economic benefits. The project is being constructed under a Project Labor Agreement negotiated by the Building and Construction Trades Council of Greater New York. The 257 affordable housing units will be designated as affordable to families earning 130% of Area Median Income.

The project is HIT’s 68th project in New York.

*Job and economic impact figures are estimates calculated using IMPLAN, an input-output model, based on HIT project data. The data is current as of March 31, 2020. Economic impact data is in 2019 dollars and all other figures are nominal.

This page provides information about a project or projects financed by the HIT which may or may not be reflective of other financed projects or refer to an asset currently held in the HIT’s portfolio. Investors should consider the HIT’s investment objectives, risks, charges, and expenses carefully before investing. This and other information is contained in HIT’s prospectus, available at aflcio-hit.com or by calling 202-331-8055. The prospectus should be read carefully before investing.