Construction has broken ground on Phase II of the Bed-Stuy Fantastic Four development, which will deliver 45 affordable cooperative homes for ownership across four city-owned sites across Bedford-Stuyvesant, Brooklyn. Designed by Gerald Caliendo and Anthony Leva for the New York City Department of Housing Preservation and Development (HPD), the project will bring accessible housing to properties on Myrtle Avenue, Vernon Avenue, and Chauncey Street.
Phase II of the development includes 27 one-bedroom and 18 two-bedroom units, all intended for households earning up to 110 percent of the area median income (AMI). The project received over $16 million in financing through HPD’s Open Door program, $18 million from Ponce Bank, and $2 million in Reso A funding, $1 million of which was allocated by Mayor Eric Adams during his time as Brooklyn Borough President, with an additional $1 million from former Councilmember Robert Cornegy.
This phase builds on the success of Phase I, which was completed in 2021 and created 31 new homes across 11 sites, including both rental and ownership units. The Bed-Stuy Fantastic Four project is part of a broader citywide initiative to expand access to affordable homeownership, complementing other Open Door initiatives such as modular homes in Staten Island and townhomes in The Bronx.
“Too often, homeownership is overlooked in the conversation about affordable housing in New York City,” said New York City Councilmember Chi Ossé. “By transforming eight city-owned vacant lots into 45 permanently affordable homes, we’re giving Bed-Stuy residents a genuine pathway to homeownership. I’m proud that we get to celebrate this win for our community and for the future homeowners in Bed-Stuy,”
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