Developers Think Small, Affordable


The Wall Street Journal has a story saying developers are focusing on smaller townhouse projects, as well as rentals and affordable builds, in Clinton Hill and Bedford Stuyvesant these days. For example, a developer has signed a contract to build four three-family homes at 37 Lexington, a site that had approved plans for a 24 unit condo. Commercial brokers say townhouses are easier to finance than large condo projects, and the expiration of the 421-a tax exemption has also made bigger projects more difficult to pull off. Meanwhile, a couple developers are planning to build affordable rentals, such as a 78-unit building slated for 482 Franklin Avenue. While plans for these projects move forward, there are more than a dozen stalled construction sites in the area, according to DOB stats, like 333-339 Greene, pictured above.
Smaller Buildings Plow Ahead [WSJ]

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