Financing · East Flatbush

585 Schenectady Avenue lands $96.9M

Kingsbrook Estates is a 266-unit affordable and supportive senior housing development on the former Kingsbrook Jewish Medical Center campus, with a roughly 7,000-square-foot PACE Center operated by One Brooklyn Health System.

Street-level view of 585 Schenectady Avenue, Brooklyn, NY
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Amount
$96.9M
Type
Financing
Date
Jul. 2026

585 Schenectady Avenue, Brooklyn, NY

Recorded in NYC property records.

All 5 parties on this transaction →
The Deal at a Glance
  • The project replaces the former Kingsbrook Jewish Medical Center campus, part of New York State's $1.4B Vital Brooklyn initiative launched in 2017.
  • Includes a roughly 7,000-sq-ft PACE Center operated by One Brooklyn Health System for elder care.
  • Designed by Dattner Architects; first announced by Gov. Cuomo in December 2019.
  • The underlying site itself was bought for $11.2M the same day from The Brookdale Hospital Medical Center and Rutland Nursing Home.

Overview

The New York State Housing Finance Agency closed a four-mortgage, roughly $148.6 million financing package on July 22, 2026 for Kingsbrook Estates, the 266-unit affordable and supportive housing development rising on the former Kingsbrook Jewish Medical Center campus. ACRIS records show the capital stack as a $96,949,744 project loan paired with a nearly identical $96,035,000 building loan (the same senior construction debt, recorded as two instruments), a $51,404,407 second mortgage, and a $256,000 supplemental mortgage -- all between the state housing agency and Kingsbrook Estates Owner LLC / Kingsbrook Estates Housing Development Fund Corp. A separate $11,221,761 deed, recorded the same day, shows the underlying site was bought from The Brookdale Hospital Medical Center and its affiliate Rutland Nursing Home, Inc. The project is part of New York State's Vital Brooklyn initiative.

Gov. Andrew Cuomo first announced the project in December 2019, as part of the $1.4 billion Vital Brooklyn initiative he created in 2017 to address health and economic disparities in central Brooklyn. Kingsbrook Estates comprises three buildings totaling 266 units of affordable and supportive senior housing, designed by Dattner Architects with landscape architecture by terrain-nyc. The campus also includes a roughly 7,000-square-foot PACE Center -- a Program of All-Inclusive Care for the Elderly -- operated by One Brooklyn Health System. "This project will not only provide affordable housing to hundreds of Brooklyn families, but will also connect them to vital health care and community services that will help them live healthier and more prosperous lives," said John B. Woelfling, president and CEO of NYS Homes and Community Renewal, at the time of the announcement.

One of the largest active state-backed affordable-housing construction financings in Hush Street's Brooklyn coverage -- a 266-unit supportive-housing campus replacing a shuttered hospital site, now with its full public capital stack on the record.

Parties Involved 5 recorded

Editorial monogram for Kingsbrook Estates Owner LLC — not an official logo.KE
Borrower
Kingsbrook Estates Owner LLC
1 Hush Street deal $96.9M combined
Basis

Named as party1 on all four mortgages (ACRIS docs 2026070900638009, -011, -013, -015), alongside Kingsbrook Estates Housing Development Fund Corp.

Editorial monogram for Kingsbrook Estates Housing Development Fund Corp. — not an official logo.KE
Borrower
Kingsbrook Estates Housing Development Fund Corp.
1 Hush Street deal $96.9M combined
Basis

Named as co-party1 on all four mortgages and as the buyer on the acquisition deed (doc 2026070900638004).

Editorial monogram for New York State Housing Finance Agency — not an official logo.NY
Lender Public agency
New York State Housing Finance Agency
1 Hush Street deal $96.9M combined
Basis

Named as party2 on all four mortgages (docs 2026070900638009, -011, -013, -015).

Editorial monogram for The Brookdale Hospital Medical Center — not an official logo.TB
Seller
The Brookdale Hospital Medical Center
1 Hush Street deal $96.9M combined
Basis

Named as party1 on the acquisition deed (doc 2026070900638004, $11,221,761), alongside Rutland Nursing Home, Inc.

Editorial monogram for Rutland Nursing Home, Inc. — not an official logo.RN
Seller
Rutland Nursing Home, Inc.
1 Hush Street deal $96.9M combined
Basis

Named as co-party1 on the acquisition deed (doc 2026070900638004).

Counts and combined values are computed from Hush Street’s own published Deal records only. “Combined” is the total value of the transactions a party appears on, not capital deployed by that party, and two parties on the same transaction each reflect its full amount. Not a career or market total.

Marks shown are Hush Street editorial monograms, generated from each party’s recorded name — not official company logos.

Property & Project

Address585 Schenectady Avenue, Brooklyn, NY
NeighborhoodEast Flatbush
Property TypeResidential
Tax Lot Map Open in Google Maps ↗
Rutland RoadSchenectady AvenueUtica AvenueEast 46 StreetEast 49 Street
Parcel boundaries and street centerlines: NYC Dept. of City Planning, MapPLUTO & Digital City Map (informational, not survey-grade). Highlighted lot is the subject property; neighboring lots and streets shown for geographic context only.
Project Snapshot
Kingsbrook Estates
Address 585 Schenectady Avenue / 86 East 49th Street, Brooklyn, NY (former Kingsbrook Jewish Medical Center North Campus)
Status Under Construction
Category Private Development — Affordable Supportive Senior Housing
Units 266
Developer Monadnock Development, CB-Emmanuel Realty, LLC, Brooklyn Community Housing and Services, Inc.
Review Track Agency Capital Project
Data as of 2026-10-17
Read full project coverage →
Sources & Recordsverification, citations & data notes
Verification
Verified — Primary Source
Sources
  1. ACRIS Document Detail -- project loan mortgage, $96,949,744 — NYC ACRIS
  2. ACRIS Document Detail -- building loan mortgage, $96,035,000 — NYC ACRIS
  3. ACRIS Document Detail -- second mortgage, $51,404,407 — NYC ACRIS
  4. ACRIS Document Detail -- supplemental mortgage, $256,000 — NYC ACRIS
  5. ACRIS Document Detail -- deed, $11,221,761 — NYC ACRIS
  6. Dattner Architects to Design Kingsbrook Estates — Dattner Architects
  7. Governor Cuomo Announces Plans for New 266-Unit Affordable Housing Development as Part of $1.4 Billion Vital Brooklyn Initiative — NYS Homes and Community Renewal
  8. A 266-unit affordable senior housing complex with focus on health and wellness to open in Brooklyn — 6sqft
Amount
Largest of four mortgages recorded the same day, all from the New York State Housing Finance Agency: a $96,949,744 project loan and a nearly identical $96,035,000 building loan securing the same senior construction debt (counted once), plus a $51,404,407 second mortgage and a $256,000 supplemental mortgage. Total recorded financing: roughly $148.6 million. A separate $11,221,761 deed, recorded the same closing, is the land purchase price -- not an additional financing tranche.
Neighborhood boundary, disclosed
East Flatbush (Consistently used by Dattner Architects (project architect), NYS Homes and Community Renewal, and press coverage; zip 11203 is East Flatbush's primary zip) vs. Community District 309 (Prospect Lefferts Gardens / Crown Heights South) (ACRIS/PLUTO administrative record for block 4602). Kept as East Flatbush on the weight of consistent press/developer sourcing, consistent with other Hush Street neighborhood-boundary calls.