MeadowWood at Gateway

Address: 1019 Van Siclen Avenue, Brooklyn, NY
Submarket: East New York
Size: 791,000 square feet, 1,152 residential units
Type: Residential condominium and multifamily
Date Acquired: August 2006
Date Sold: Currently owned by Taconic
Property Website: meadowwoodatgateway.com

MeadowWood at Gateway is a 19-building apartment complex in Brooklyn, New York, containing 1,152 units. Taconic acquired the 983 unsold condominium units at the property as a result of a failed auction and the acquisition involved the resolution of several ownership, legal, and financial challenges. The complex was constructed as a multifamily rental between 1964 and 1966 and, in 1991, a condominium conversion plan was enacted.

Taconic began repositioning the property by implementing a $40 million capital improvement plan that included replacing roofs, windows, and terrace doors; installing new elevators; upgrading the entrance lobbies and common corridors; renovating the laundry facilities; redesigning the landscaping; improving parking; constructing a new playground; enhancing lighting; adding security cameras; and removing past building code violations. As units become available for sale, each receives a kitchen, bath, and flooring upgrade to create modern, attractive apartments. Sales commenced in 2007, and the property has been stabilized as attractive workforce housing for middle-income families. In August 2009 the complex was named the top selling Brooklyn condominium by The Real Deal.

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