Developer Offers 30 Percent Affordable Housing for Rezoning Near City Point

A developer of a triangular-shaped plot at 141 Willoughby Street in Downtown Brooklyn — right across from City Point — is offering to make 30 percent of the units in the building affordable housing in exchange for a rezoning, The Real Deal reported. The Midtown-based firm, Savanna, initially planned to build a glassy, 30-story tower with ground-floor retail and a maximum of 120,000 square feet under current zoning, as we reported last year.

A rezoning would let Savanna put up a 44 story tower with 310,000 square feet of space, more than doubling the size of the building. It would set aside 81 of 270 units for affordable housing. The developer previously said it would seek a rezoning, as we reported at the time, but the 30 percent figure is new.

De Blasio plans to announce new rules for spot rezonings soon — and this is one — that would require either 25 percent or 30 percent affordable housing, as we have reported. The amount would be determined by the local City Council member, according to The Real Deal.

The higher number of 30 percent would also come with a higher Median Area Income — 80 percent — which means higher rental income for the owner of the building (and potentially a higher sales price for the developer).

The mixed-use structure would replace the three-story building Savanna bought last year for $28,000,000. The architect is Morris Adjmi Architects, according to the Real Deal. The firm also designed the Wythe Hotel conversion.

141 Willoughby Street Coverage [Brownstoner] GMAP
Renderings by Morris Adjmi Architects