Development will dedicate all 216 housing units to low-income and formerly homeless New Yorkers
Innovative all-electric Passive House will feature the largest outdoor mural in Brooklyn
BROOKLYN, NY – August 7, 2025 – Together with partners Slate Property Group and RiseBoro Community Partnership, Goldman Sachs today celebrated the completion of a 216-unit affordable mixed-use development at 326 Rockaway Avenue in Brownsville, Brooklyn. The building’s housing will be entirely allocated to low-income and formerly homeless New Yorkers, alongside commercial and community center spaces. The project received a nearly $170 million commitment from The Urban Investment Group (UIG) at Goldman Sachs Alternatives.
Goldman Sachs committed nearly $170 million to finance the project, including low-income housing tax credit equity and a letter of credit, underscoring the firm’s ongoing commitment to addressing critical housing needs across the country. The development reflects Goldman Sachs’ broader impact in the state, having deployed nearly $11 billion to affordable housing and other development projects across New York and over $9 billion in New York City since 2001. Goldman Sachs’ commitment to New York City has contributed to over 150 development projects, resulting in more than 60,000 majority affordable housing units, 7 million square feet of retail and commercial space, expanded healthcare and community facilities and job creation.
“Brownsville is a neighborhood defined by resilience, culture, and a strong sense of community,” said Asahi Pompey, Chair of the Urban Investment Group at Goldman Sachs. “Goldman Sachs’ investment in 326 Rockaway reflects our long-standing commitment to strengthening neighborhoods through investments that meet real needs, expand access to quality housing, and create lasting value.”
The 216-unit building at 326 Rockaway includes studios, one-, two-, and, three-bedroom apartments. Notably, 130 of the units are designated to serve formerly homeless families, offering a stable community and essential support. The building also offers residents amenities including a landscaped roof terrace, recreation room, extensive on-site social services, as well as benefits for the surrounding community like ground-floor retail and community facility space.
Building amenities will include a community room, recreation room, a children’s playroom, art/reading room, bicycle storage, large laundry room, yoga space, gym, and outdoor recreational areas including a roof deck. The landscape architecture firm OSD has designed exterior spaces that form the heart of the shared community experience, including outdoor nature play and social spaces. Residents will also have access to a number of support services and opportunities for education and community engagement.
Sustainability was also a core focus of the project’s design and construction. The building is 100 percent electric, utilizes rooftop solar PV equipment, meets Enterprise Green Communities standards and was designed to Passive House specifications, reflecting a commitment to energy efficiency and creating comfortable indoor living spaces for residents.
326 Rockaway Avenue is also now home to “Brownsville King of Love,” a 150-foot mural permanently installed on the side of the building by ArtBridge and Brooklyn-based artist Victor “Marka27” Quiñonez. It is the largest outdoor mural in Brooklyn. Goldman Sachs executives, city and state officials, as well as other partners gathered today in Brownsville to mark the completion of the building.
“The completion of 326 Rockaway marks one more giant step toward tackling New York’s housing crisis. By creating hundreds of new truly affordable housing opportunities and setting bold, new standards for energy efficiency, we’re helping to build a cleaner, greener, and more livable future in Brownsville for years to come. Projects like this are the difference between building developments and building communities, and I thank RiseBoro and all of our partners for helping to bring it to fruition,” said David Schwartz, co-founder and principal at Slate Property Group.
“326 Rockaway is more than just a building, it’s a promise to Brownsville that affordable and sustainable housing rooted in the community is possible. We’re proud to once again partner with Slate on a project that delivers not only deeply affordable homes and critical supportive services, but a model for what healthy, resilient neighborhoods can look like. This kind of partnership is how we move from building housing to building futures,” said Kieran Harrington, Chief Executive Officer of RiseBoro Community Partnership.
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About the Urban Investment Group (UIG) at Goldman Sachs Alternatives
Goldman Sachs (NYSE: GS) is one of the leading investors in alternatives globally, with over $500 billion in assets and more than 30 years of experience. The business invests in the full spectrum of alternatives including private equity, growth equity, private credit, real estate, infrastructure, sustainability, and hedge funds. Clients access these solutions through direct strategies, customized partnerships, and open-architecture programs.
The business is driven by a focus on partnership and shared success with its clients, seeking to deliver long-term investment performance drawing on its global network and deep expertise across industries and markets.
The alternative investments platform is part of Goldman Sachs Asset Management, which delivers investment and advisory services across public and private markets for the world’s leading institutions, financial advisors and individuals. Goldman Sachs has approximately $3.2 trillion in assets under supervision globally as of March 31, 2025.
Established in 2001, the Urban Investment Group within Goldman Sachs Asset Management has committed over $20 billion through real estate projects, social enterprises and lending facilities for small businesses and students, creating economic value and opportunities for underserved communities and families.
About Goldman Sachs
Goldman Sachs is a leading global financial institution that delivers a broad range of financial services to a large and diversified client base that includes corporations, financial institutions, governments and individuals. Founded in 1869, the firm is headquartered in New York and maintains offices in all major financial centers around the world.
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