Affordable Housing Planned for Rezoned Sheepshead Bay Site

A recently rezoned Sheepshead Bay parcel has changed hands, paving the way for a large-scale affordable housing development.

A joint venture between ABS Partners and AAG Management sold the development site at 2185 Coyle Street in Brooklyn for $37 million to Gilbane Development. 

Gilbane Development will be able to take advantage of a rezoning that the joint venture secured for the site. Gilbane plans to build 470 affordable apartment units, with 100 set aside for affordable homeownership, according to a statement from the company. 

A team led by Randy Modell and Steven Hornstock of ABS Partners secured the rezoning last year. 

The site was previously a grocery store owned by AAG Management. It was zoned for single-family homes but surrounded by denser development. 

After learning about the site over golf during the pandemic, the ABS team formed a joint venture with AAG wherein the new partners on the property would pay for the rezoning and carrying costs, since the space was vacant.

In February 2025, the City Council approved rezoning the development site to allow for a nine-story building. 

Originally the ABS partners were on board to develop the site. But the joint venture ultimately decided to sell the property 

“It took forever, cost more than we thought, but it had a happy ending,” said Hornstock. “It’s ready to go, shovel-ready.”

Gilbane is planning 470 apartment units on the lot, all of them regulated affordable housing. There will also be 103 units set aside for affordable homeownership apartments, for which Gilbane is partnering with Habitat for Humanity. The firm is exploring a range of public and private financing, including bonds and New York affordable housing programs. 

Alex Marte, senior director of development at Gilbane, said the firm was looking forward to working with partners and the city to “deliver housing that meets the needs of the community.”

Gilbane has worked on several large affordable and mixed-income housing projects in New York. Those include the Peninsula, a 740-unit affordable project on the site of a former juvenile detention center in the Bronx; and Linden Grove, a 153-unit building in Bushwick. On Friday, the firm broke ground on 1920 Turnbull Avenue in the Soundview neighborhood of the Bronx, which is planned to have 228 affordable rental apartments. 

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