Company

Monadnock Development

Brooklyn-based affordable and mixed-income housing developer · Founded 2006

Headquarters240 Huntington Street, 3rd Floor, Brooklyn, NY 11231

Founded2006

Key People

Joint-venture co-developer with CB-Emmanuel Realty on both Kingsbrook Estates and the Kingsboro Psychiatric Center Redevelopment (Utica Crescent)

2 Recorded Transactions

Not separately quantified Combined Transaction Value

Overview

Monadnock Development grew out of the long-running Monadnock Construction, Inc. and was created as a separate development arm in 2006 to integrate development expertise with the existing construction business. Led by Managing Member Nick Lembo and President Kirk Goodrich, the firm reports having developed or rehabilitated more than 8,000 units of affordable, mixed-income, and market-rate housing with a total development cost over $2.9 billion over the past decade, with a focus on complex building programs and financing structures for partners, lenders, and investors.

Source: Monadnock Development (official company website)

Transactions Tracked

Kingsbrook Estates — Co-Lead Developer

Developer

Co-lead developer (with CB-Emmanuel Realty) alongside nonprofit co-developer Brooklyn Community Housing and Services, per Dattner Architects' and NY HCR's 2019 announcement, on the former Kingsbrook Jewish Medical Center North Campus redevelopment. A multi-tranche 2026 NYS Housing Finance Agency financing package closed July 2026 confirming active construction capital -- Hush Street's own Deal and Project records give different totals for that package ($96.9M vs. ~$148.6M) that haven't yet been reconciled, so no total figure is asserted here, and no individual Monadnock share is documented regardless.

Project under construction as of Hush Street's last verification; see also the linked Deal page (Kingsbrook Estates Financing, Jul. 2026) for the financing event, which does not name Monadnock directly -- the recorded borrowers are the project's HDFC/Owner LLC entities.

Kingsboro Psychiatric Center Redevelopment — Utica Crescent

Developer

Developer (with CB-Emmanuel Realty and Equity Developers LLC) of the 322-unit Utica Crescent component of the former Kingsboro Psychiatric Center's affordable-housing redevelopment. CB-Emmanuel's own published materials cite $256 million in financing secured for Utica Crescent as a joint venture; no individual Monadnock share is documented.

Utica Crescent completed and the campus's Sparrow Square phase broke ground the same day, June 17, 2026, per the Project record.

Related Properties

Sources

Monadnock Development — Monadnock Development
Company - Monadnockdevelopment — Monadnock Development
Monadnock Construction — Monadnock Construction, Inc.

Both of Monadnock's documented Brooklyn Projects are multi-partner JV financings (Kingsbrook Estates with CB-Emmanuel Realty and Brooklyn Community Housing and Services; Utica Crescent with CB-Emmanuel Realty and Equity Developers LLC) without a documented per-partner dollar split, so no total is attributed to Monadnock specifically.