Financing Closes For $26 Million Rehabilitation Of 44 Affordable Homes In East Williamsburg And Bushwick, Brooklyn

St. Nicks Alliance has closed on financing for the redevelopment of three Brooklyn properties yielding 44 affordable homes in East Williamsburg and Bushwick. The $26 million project encompasses two adjoining 16-unit buildings at 984-988 Greene Avenue and six-unit properties at 315 Harman Street and 19 Kingsland Avenue. The development is backed by a $2.26 million construction and permanent loan from LISC NY, which will cover hard costs associated with the redevelopment, along with soft costs and financing costs.

Twenty-eight units will be reserved for households earning at or below 70 percent of the area median income (AMI), and 24 units for households at or below 50 percent of the area median income, according to the announcement. A portion of the residential inventory will be set aside for formerly homeless individuals. Additional funding sources include HPD’s Participation Loan Program, Resolution A funding, and financing through HPD’s Resilient and Equitable Decarbonization Initiative, the latter of which will be used to electrify the heating systems at 984-988 Greene Avenue.

984 Greene Avenue, via Google Maps.

The assemblage’s largest component, 984-988 Greene Avenue, consists of a pair of four-story buildings dating to 1931 that span a combined 38,000 square feet on a 12,000-square-foot lot between Patchen Avenue and Malcolm X Boulevard. 315 Harman Street is a three-story, 4,500-square-foot building also dating to 1931, while 19 Kingsland Avenue is a three-story property built in 1920.

“So many of New York’s most culturally diverse and underserved neighborhoods already have housing infrastructure that simply requires some investment and rehabilitation to create viable housing options,” said Blondel Pinnock, senior executive director of LISC NY, in a statement. “New home creation is still critical, but it must be paired with redevelopment projects like this if we are going to truly make an impact on the housing crisis.”

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