Why this Brooklyn project is nowhere to be seen

A Brooklyn housing project tied to a rezoning push is still not moving forward, despite plans for 250 apartments. At the Arrow Linen site in Park Slope, Council member Shahana Hanif sought applicants for a task force to monitor construction, but developer Apex Development received approval 17 months ago for a project at 441 and 467 Prospect Avenue without a timeline to begin work. Apex principal Andrew Esposito said financing has been difficult amid elevated interest rates and the level of affordability he promised to secure the rezoning. He also agreed to add a child care center and space for domestic violence victims, uses described as less lucrative. In February 2025, an agreement set aside 40% of units for tenants earning an average 60% of the area median income. The article links the stalled timeline to worsening macro conditions, citing expectations that the Federal Reserve will keep rates unchanged through 2025 and potentially raise them in early 2027.