Non-profit affordable housing developer Phipps Houses has filed applications for a 14-story, 403-unit mixed-use tower at 250 Euclid Avenue, a.k.a. 3301 Atlantic Avenue, in the Cypress Hills section of East New York. The project will encompass 415,476 square feet and rise 143 feet to its roof. There will be 20,977 square feet of ground-floor retail, followed by residential units across floors two through 14, The Real Deal first reported. The apartments should average 936 square feet apiece and will all be designated as affordable.
3301 Atlantic Avenue
Affordable housing developer Phipps Houses is in contract to acquire the 300,000 square-foot, block-long property at 3301 Atlantic Avenue, in eastern Cypress Hill, for $38 million. The existing low-rise factory building is burnt-out following a fire in 2012.