PACC Cuts Ribbon at 566 Gates Avenue

Yesterday, the Pratt Area Community Council, along with pols like Borough President Marty Markowitz (who kicked in $250,000 to the project) and Council Member Al Vann, cut the ribbon on the non-profit's latest affordable housing project at 566 Gates Avenue. The green development 24 two-bedroom and 10 one-bedroom apartments for low- and moderate-income households, with unit prices ranging from $87,000 to $167,000. “The Gates Cooperative is part of PACC’s larger effort to create affordable homeownership opportunities in Bedford-Stuyvesant and surrounding neighborhoods where real estate prices are beyond local residents’ reach,” stated PACC’s Housing Director Drew Kiriazides. The bulk of the financing came from HPD, HDC and New York State Affordable Housing Corporation.

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Comments

This looks like a great new building. If you missed out on the old days when Brooklyn was affordable, this is the only way to go now. A government or church-sponsored project. The free market is broken in Brooklyn. Look at the little hole of a 1-bedroom apt ,on South Oxford Street, that was featured yeasterday. It is a 5th floor walkup, dark, in a firetrap of a building for $400,000(!). That is just wrong. It is broken. The only chance the middle class has is through programs like these. I recommend that if you really really want to set roots in Brooklyn and you don't work at a job with million-dollar end of year bonuses or are about to inherit seveal million dollars, this is the way to go. No striving middle-class person who works hard for a living should put up with the insults of snooty realtors trying to foist off inferior product for astronomical prices. Also, as I tell my younger friends, there is a big Metropolitan Area out there beyond the over-priced and under-served Brooklyn brownstone belt.

Posted by: sam at July 14, 2009 10:24 AM

at least they aren't trying to claim 566 Gates is in Clinton Hill

Posted by: Art Salt at July 14, 2009 10:26 AM

I also have to wonder at the public subsidy per unit compared to what Atlantic Yards might eventually build and their public subsidy per unit.

Posted by: Schultz at July 14, 2009 10:36 AM

The reason for the high prices in ft greene is that the free market hasn't been allowed to function.

between snob zoning, landmarks, rent control, and grasping city council/mayor/legislators, not enough gets built (or got built), meaning that the rest of us fight for what's left.

Posted by: thwackamole1 at July 14, 2009 10:46 AM

very cool. still out of my grasp tho :-/

*rob*

Posted by: PitbullNYC at July 14, 2009 10:49 AM

Sam -- You're right, this is a great middle-class option amidst a broken market system, but also remember that this is a solution for only a small percentage of people. I apply for every program like this that comes up and needless to say have never had any luck. From what I can gather, getting picked for one of these subsidized projects is akin to winning the lottery.

Posted by: alsawo at July 14, 2009 11:17 AM

there's also a ton of nepotism involved in these kinds of projects.. a lot of times, it's less to do with how lucky you are in the lotto and meeting income guidelines, but who you know. and dont tell me otherwise, ive read about instances of this on many other websites.

*rob*

Posted by: PitbullNYC at July 14, 2009 11:26 AM

of course one sure way of not getting one of these -
Is not trying, filling out appliciations, keeping lookout for the next, getting on waiting lists, in other words trying. Much easier to do nothing and say it is who you know.
Same goes with getting better job, finding a mate, etc etc etc. If you don't try, and sit home and watch tv nothing will happen. That is guaranteed.

Posted by: Petebklyn at July 14, 2009 12:16 PM

You've read it on other websites. Then it must be true! A friend of mine (whose name I know and who actually exists), got into another similar building (not sure if it was PACC or not) on Grand and Greene. Sweet pad. And no connections. She just signed up and waited.

Posted by: Putnamdenizen at July 14, 2009 1:41 PM

"Rob" if you're truly interested in getting on a waiting list for an affordable co-op ( income can't exceed $47,000 for a one bedroom floor-through unit ) please contact me
at brenkiw@aol.com

Our co-op is located in Windsor Terrace, right off of PPW...
we have seven buildings, 51 units, comprised of 1, 2, & 3
bedroom units...

Posted by: bren at July 14, 2009 5:16 PM

"$87,000 to $167,000"

Clinton Hill Co-ops if you're patient.

***Bid half off peak comps***

Posted by: Brownstones Half Off at July 14, 2009 5:19 PM

$34,000 to $48,000, pre-war buildings, beautifully kept... if you're patient! :)

Posted by: bren at July 14, 2009 5:35 PM