Bed Stuy Developers Launch $10,000 Small-Biz Contest to Support Local Entrepreneurs

Sponsored By Weissman Equities

Weissman Equities acquires and improves multi-family and mixed-use properties in New York City.

Created By BlankSlate

Developers Weissman Equities, together with Nooklyn real estate brokerage, have launched a business plan competition to support local businesses in Bed Stuy. The winner will receive $10,000 toward the build out of a retail space at 369-379 Marcus Garvey Boulevard, one of Weissman Equities’ newly renovated properties in Bedford Stuyvesant.

Developers Seth and Matthew Weissman take a long-term, community-oriented and holistic approach to development. In addition to investing in major rehabilitations of distressed properties, they also invest in the broader community by hiring locally and sponsoring neighborhood organizations like a neighborhood football team, the Bedford Stuyvesant Crusaders, and funding initiatives like the annual cleanup day for the Marcy Houses.

“Seth has a long track record of fostering the success of small businesses in our neighborhood and encouraging economic opportunity for our community,” said City Council Member Robert Cornegy, who represents the neighborhood (District 36) and chairs the Committee on Small Business. “I am excited to see a developer lead a business plan competition that recognizes the mutually beneficial long-term relationship between property owners and small business owners.”

The Weissmans have renovated the 19th-century mixed-use building, adding large, 11-foot-high windows to the previously bricked-in storefronts. The retail spaces range in size from 400 to 750 square feet, and can be combined for 2,500 contiguous square feet.

“Our goal is to support neighborhood small businesses and encourage them to thrive,” said Matt Weissman. “We further support our small business tenants by encouraging our residential tenants to patronize local businesses.”

The corner building is located near the center of Stuyvesant Heights’ shopping district. Saraghina, House of Art, and Mexican restaurant Tepache are some of the nearby businesses.

“Bedford Stuyvesant is a beautiful neighborhood, and the building itself is really a standout with 14-foot ceilings on the ground floor and great architectural detail on the exterior,” said Nooklyn real estate broker Justin Losh. “I love going to dinner in the area because it’s close to the A and C trains and you have renowned restaurants like Peaches and Saraghina, among others. There always seems to be something new popping up.”

Weissman Equities has similarly spruced up other properties in Bedford Stuyvesant, including mixed-use buildings at 426 Bainbridge Street and 616 Halsey Street. At 616 Halsey, they restored the exterior with Landmarks approval, brought in a new cafe, and kept the existing liquor store.

The contest application deadline is Friday, December 16, 2016. For all the details on how to apply, email ita@padmgmt.com.