Development Watch: 105 Lexington Avenue
Close readers will remember what fans we are of Lexington Avenue which starts at Grand Avenue in Clinton Hill and runs all the way through Bed Stuy until ending at Broadway. The width of the avenue and the number of old commercial structures that would lend themselves to conversion are what make it so interesting,…
Close readers will remember what fans we are of Lexington Avenue which starts at Grand Avenue in Clinton Hill and runs all the way through Bed Stuy until ending at Broadway. The width of the avenue and the number of old commercial structures that would lend themselves to conversion are what make it so interesting, in our opinion. For this reason, we had to pull over last weekend and get a closer look at the work going on at 105 Lexington Avenue, between Classon and Franklin Avenues. The 50,000-square-foot building is being renovated into a 31-unit residential building with commercial on the ground floor, if we’re reading the DOB filing correctly. Interestingly, according to Property Shark, the reno is being financed by the Community Preservation Corporation. Does anyone know what implications this may have in terms of an affordable housing component? As an aside, this is just down the street from the Scarano-designed project at 118 Lexington that we looked at back in December. Like so many others, this one is hanging in Stop Work Order limbo. We’ve posted an updated photo on the jump anyway. GMAP P*Shark DOB
Development Opp: Sexy on Lexy [Brownstoner]
Checking In On 354 Franklin Avenue [Brownstoner]
Your photo is of another project at 95 Lexington.
The short answer to your question as to whether or not CPC participation has any ramifications for an affordable housing component is: No, it does not. The Community Preservation Corporation was founded as a non-profit corporation to invest in then-underserved markets, so that participating banks could meet community reinvestment requirements. While CPC has a history of working with affordable housing programs, they have no requirement or mandate to do so. In fact, they have financed several market rate condos throughout our general vicinity (299 Bedford comes to mind..) It is worth noting that their for-profit-affiliate, CPC Resources, Inc., is behind the Domino redevelopment.
I knew ’cause I live here.
There’s a Lexington Avenue in Brooklyn?
Who knew?