Luxury Williamsburg development a Pillar of the Industry.

Schaefer Landing, Williamsburg's first high-end luxury residential development to rise along the waterfront, has been named a finalist for two of the year's biggest industry honors--the "Pillars of the Industry' Award for Best Affordable Apartment Community by the National Association of Home Builders (NAHB) and 2007 ULI Award for Excellence by the Urban Land Institute (ULI).

The two-tower development, located on a historic site on the resurgent Brooklyn waterfront, was the only project in the nation to be recognized by both organizations for its outstanding contribution.

"Being a finalist for these awards is a great recognition of all the hard work and dedication that went into building Schaefer Landing, one of Williamsburg's fastest selling and best developments," said Donald Capoccia, managing principal of BFC Partners. "It is remarkable and gratifying to see the great respect this development is garnering from the community and our peers in the real estate industry."

The NAHB 'Pillars of the Industry' award, which is sponsored by Freddie Mac, honors superior achievement in apartment and condominium development, design, marketing, and management, and are considered the most prestigious national awards in the multifamily housing industry.

Schaefer Landing was chosen as one of 23 finalists from a broad mix of other projects for the ULI Awards for Excellence, which defines the standard for real estate development practice worldwide. In its 29th year, the awards program is the centerpiece of ULI's efforts to identify and promote best practices in all types of real estate development.

An integral part of Williamsburg's emergence as one of New York City's hottest neighborhoods, Schaefer Landing has spearheaded the transformation of a once industrial area into a residential community filled with sophistication, style and culture.

The mixed-use development, located on Kent Avenue, was the first project constructed under the re zoning of the Williamsburg/ Greenpoint neighborhoods. The complex includes 350 apartments in two buildings, of which 140 are low-income rental units and 210 are marketrate condominiums.

The community is being developed by Kent Waterfront Associates LLC, a tri-venture formed by three New York-based real estate companies active in building and managing residential properties throughout the metropolitan area--BFC Partners, L&M Equity Participants and Allstate Realty Associates.