Monadnock Development, CB Emmanuel Realty, and Equity Developers have announced the closing of a $256 million financing deal for the Utica Crescent Apartments project in East Flatbush, Brooklyn. This development, part of New York State’s Division of Housing and Community Renewal Vital Brooklyn Initiative, is set to transform an underutilized parking lot at 832 Rutland Road into a hub that offers affordable housing and commercial spaces and community spaces.
Render of Utica Crescent Apartments, by Bernheimer Architecture
Designed by Bernheimer Architecture, Utica Crescent is expected to be completed by June 2026. It will feature two residential towers housing 322 affordable homes. The homes will be targeted at residents earning up to 80 percent of the area median income, with 89 to serve as supportive units designated for elderly seniors funded by the New York State Empire State Supportive Housing Initiative program.
Utica Crescent will include approximately 22,546 square feet of commercial space, 3,190 square feet of community facility space operated by Catholic Charities of Brooklyn and Queens, and an on-site healthcare center managed by the One Brooklyn Health System. Additional space will be allocated for the 67th Precinct Community Clergy Council. The project has been designed with residents’ well-being in mind, offering facilities like an indoor gym, outdoor courtyard, landscaped rooftop terraces, a laundry room, building-wide wireless internet, smart building technology, bike storage, an on-site grocery store, and parking.
Render of Utica Crescent Apartments, by Bernheimer Architecture
This development is a part of the $1.4 billion Vital Brooklyn initiative, launched in March 2017, which aims to address various social, economic, and health disparities in Central Brooklyn. By focusing on multiple areas of improvement including affordable housing, Vital Brooklyn offers a comprehensive approach to revitalizing the community and enhancing the quality of life for its residents. Utica Crescent represents an important milestone for the initiative.
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This is affordable housing, but residents can access a good quality of life: Thanks.