A joint venture has closed on financing for the construction of 570 Eldert Lane, a 213-unit affordable housing development located in Cypress Hills, Brooklyn. The team, which is a collaboration between Slate Property Group, Thorobird Companies LLC, and Bangladeshi American Community Development & Youth Services (BACDYS), will demolish the existing parking lot on the site to make way for the new property. The project has been designed by Urban Quotient. The site is located between Glenmore and Pitkin Avenues.
The building will span approximately 196,000 square feet, including nearly 10,000 square feet of community space operated by BACDYS, as well as on-site supportive services provided by Urban Pathways. The $160 million project is funded through bonds issued by the NYC Housing Development Corporation, a subordinate loan from HPD, and financing from Goldman Sachs’ Urban Investment Group, including LIHTC equity syndicated by CREA, LLC.
570 Eldert Lane, via Google Maps.
Apartments will be offered in configurations ranging from studios to four-bedrooms, with 66 units reserved for formerly homeless individuals and the rest affordable to households earning between 40 and 80 percent of area median income (AMI). Resident amenities will include a fitness room, rooftop garden, rear courtyard, and a new pedestrian breezeway connecting to the subway.
Transit nearby the property includes the Grant Avenue A train station, as well as nearby bus service along Conduit Boulevard, offering connections to Manhattan, Downtown Brooklyn, and JFK Airport.
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This site was offered by the City as an RFP in May of 2018.
It will take approx 2 years to build it (even though it’s modular). That means an early 2028 date for residents to move in.
Granted this site had to be rezoned (R5 to R6) and had to use the ULURP framework that has now been altered by the recently passed ballot measures, but that is almost 10 years to go from RFP to tenants moving in!
It’s a great looking project and will serve a real need in the East New York community, but this is just too long of a process. No wonder we have an affordable housing crisis.
Looks good and fully agree about the absurd amount of time it takes for things in this town. In the ten years it took this project to come to fruition China built a few megacities and a high speed rail system.