June 02, 2025
Mayor Eric Adams isn’t shying away from his reputation as a real estate ally—he’s owning it.
At The Real Deal’s NYC Forum, he took center stage to reaffirm his pro-development stance and outline a major new project: the redevelopment of 395 Flatbush Extension in Downtown Brooklyn.
The plan? Transform a dated 50-year-old office building on city-owned land into a 1,263-unit residential tower, with as many as 379 affordable units for those earning up to 80% of the area median income.
The project, led by Rabina and Park Tower Group under a long-term ground lease, is a showcase for the city's updated zoning rules under the “City of Yes for Housing Opportunity” initiative.
With a floor area ratio of 21.8 and new state laws allowing residential space caps to be exceeded, this development is breaking barriers.
The building will include 66,000 square feet of retail, 75,000 square feet of office space, a revamped entrance to the DeKalb Avenue subway station, and a public plaza—all electric, modern, and designed with future-forward infrastructure in mind.
Adams’ speech wasn’t just about bricks and mortar. It was about reminding the industry where he stands. “I’m here to support my developers, not fight my developers,” he declared.
It was a clear message to an audience of major players, especially as the mayor gears up to run for re-election as an independent.
Despite past legal drama—charges that were ultimately dismissed—Adams is staying on message: housing is key, and the private sector is his partner.
With rivals like Cuomo and others pitching ambitious housing numbers, Adams is positioning his track record and developer relationships as the real differentiator.
Whether this project marks a turning point for Downtown Brooklyn or a campaign flashpoint, one thing’s clear: Eric Adams is still betting big on real estate.
Disclaimer: This content is meant for informational purposes only and is not intended to be construed as financial, tax, legal, or insurance advice.
