All renderings courtesy of Alloy Development
The future tallest Passive House building in the world is moving ahead in Downtown Brooklyn. Alloy Development and the Vistria Group on Tuesday announced the closing of $535 million in capital for the construction of One Third Avenue, a 730-foot mixed-use project with 583 apartments, retail, and office space. The tower is the final piece of the Alloy Block, a five-building complex that includes more than 1,000 homes, the city’s first all-electric skyscraper, and two Passive House public schools.
Vistria is investing more than $120 million in equity, while Kayne Anderson Real Estate is providing $375 million in debt financing. The deal marks Vistria’s first ground-up development under its real estate strategy.
“One Third Ave represents exactly the type of transformative development our Real Estate strategy was designed to support: delivering meaningful affordable housing while redefining sustainable urban living and forging public-private partnerships that achieve better outcomes for communities than either sector could deliver alone,” Margaret Anadu, head of real estate at the Vistria Group, said.
“As our first investment in new construction, we’re proud to partner with Alloy and Kayne Anderson on a project that will provide 583 mixed-income units of the highest quality in one of Brooklyn’s most dynamic neighborhoods.”
One Third will include 153 affordable apartments, with rents starting at $1,023 a month. The residences will span floors 11 through 60, while the tower’s six-story podium will contain 60,000 square feet of office space elevated 100 feet above street level.
The project also includes the adaptive reuse of two 19th-century buildings on State and Schermerhorn Streets, along with a new structure on Third Avenue that will provide 30,000 square feet of retail space for the community.
Rising from an interior courtyard behind the two historic buildings, One Third will feature a residential lobby in the State Street building, and a commercial lobby and public plaza on Schermerhorn.
The facade will feature oversized 6-by-7.5-foot operable windows that maximize natural light and views while meeting Passive House standards. An airtight, well-insulated envelope and filtered fresh air will create a healthy indoor environment with a minimal carbon footprint, while shared energy systems between the residential and office spaces will cut waste heat.
When construction is complete, One Third will surpass Vancouver’s 40-story Earth Tower as the tallest Passive House-certified building in the world.
Demolition work on the site began earlier this year, and the developers expect to begin construction this fall, according to The Real Deal.
“Securing financing for One Third Ave marks a pivotal milestone not just for this project, but for what we believe is the future of sustainable urban development,” Jared Della Valle, CEO of Alloy, said.
“As the second phase of the Alloy Block, One Third Ave builds on our commitment to high-quality design and adhering to the highest environmental standards, ultimately raising the bar across the industry.”
Approved by the City Council in 2018, construction of the Alloy Block began in 2021. The first phase delivered the city’s first all-electric skyscraper: a 44-story tower at 505 State Street. The building has 441 apartments, 45 of which are affordable, and amenities like a 3,000-square-foot gym, a yoga studio, a grow room, a rooftop pool, terraces, and more.
Leasing for market-rate rentals at 505 State began in January 2024, with apartments priced from $3,475/month for studios.
In November, the city’s first Passive House-certified public schools opened at the Alloy Block. Designed by Architecture Research Office (ARO), the ultra-low-energy-use building houses two schools: the Khalil Gibran International Academy, the nation’s first English-Arabic public high school, and the Elizabeth Jennings School for Bold Explorers (aka P.S. 456), as 6sqft previously reported.
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