Two Affordable Housing Developments Planned in Bed-Stuy
A development team is working to bring two new mixed-use properties to a stretch of Fulton Street in Bed-Stuy. Both of the buildings, which will be developed by the Goldman Sachs Urban Investment Group and BRP Development Corp., are supposed to have significant affordable housing components as well as ground-floor retail. One of the developments,…
A development team is working to bring two new mixed-use properties to a stretch of Fulton Street in Bed-Stuy. Both of the buildings, which will be developed by the Goldman Sachs Urban Investment Group and BRP Development Corp., are supposed to have significant affordable housing components as well as ground-floor retail. One of the developments, tentatively titled Gateway Condominium, is going to have 84 units. The condo is planned for the corner of Fulton and Albany, and the developers want to set aside about 70 percent of the units for residents making less than 165 percent of the area median income. The working title of the other building, which should go up on Fulton and Troy, is Cornerstone Apartments, and the developers want it to be 100 percent affordable. The parcels where Goldman and BRP want to build are both owned by the city, so the project needs to go through ULURP before the developers can get control of the properties and start building. The team is looking to start building by next October, according to Alicia Glenn, a managing director at the Goldman Sachs Urban Investment Group. “We saw it as a great opportunity to develop quality residential and retail on an important corridor,” says Glenn. “The project will help retain ethnic and economic diversity.” GMAP
I have seen some of BRP’s other developments and they look pretty nice. They are almost done with a building at Myrtle and Clermont. Does anyone know when they will start selling or what the prices are?
You can never win. If Goldman Sachs makes profits then they are greedy slimeballs but if they try to invest in building up the neighborhoods of New York and spend those profits in an interesting way that has a social impact, then they are just clearing their guilty conscience. As a resident of Bed-Stuy, I personally applaud both Goldman Sacks and BRP for the work they are doing!
2:37,
There is very strong chance that there are going to be resale restrictions for a certain time period, often it’s at least five years.
Also AMI is not measured by a particular neighborhood but by the city as a whole. Low-Income is defined by HUD as being 80% of AMI.The levels for what constitutes AMI are adjusted each year and also adjusted for family size so that AMI for a famiy of four will be different than for a single person.
So I have a question. If I buy one of the affordable units and then I want to sell it for a higher price, can I do that? Or are there any restriction to selling your apartment aswell.
Goldman Sachs is behind another Brooklyn development of “mixed use rental and condominium housing” in what they call “Cobble Hill West.” (i.e. next to the BQE)
http://www2.goldmansachs.com/services/investing/private-equity/urban-investments/real-estate/cobble-hill-west.pdf
Brownstoner, have you covered it?
1:49 you beat me to it
yes 1:34 that is exactly what they did
good ol hank paulson running the treasury
they are the biggest crooks in the world
and karma will get those greedy slimeballs
“Goldman pushed and shorted mortgage junk simultaneously”:
http://www.gata.org/node/5799
1:06 GS was the only major bank to NOT back those loans. Be accurate.
1:06 I think you meant ‘conscience’, not ‘conscious’. but you can believe they are not being guiltily altruistic — there’s definitely some money angle for them somewhere — maybe a kind of juicy tax break? Firms like Goldman Sachs NEVER give somethin’ fer nuthin’.