Alloy Development and The Vistria Group announced the closing of $535 million in funding to build the second phase of One Third Avenue, part of the Alloy Block in Downtown Brooklyn. Once completed, the building is set to become the tallest Passive House building in the world.

Rising 730 feet, One Third Ave will join Alloy’s first-phase projects, 505 State Street, New York City’s first all-electric skyscraper and 489 State Street, home to the city’s first two public schools built to Passive House standards.

The building will also be among the first projects to take advantage of New York City’s “City of Yes” zoning, expanding housing production to include high-quality, permanently affordable homes.

"Securing financing for One Third Ave marks a pivotal milestone not just for this proje

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