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 find it strange that the same company, Goldman Sachs, partly responsible for backing and selling dubious loan securities based on the inability of people to afford their mortgage, are the same jerks trying to build affordable housing in Bedford Stuyvesant.I think maybe their conscious is getting to them!
Maybe they’re just discovering that you can’t have a stable economy without the middle class (upper and lower)- in a very interesting and cynical op-ed last week, the NY Times said it is the middle and lower working classes that spend money so to stimulate the economy, they should get a ebate or tax benefit because they will spend it. The rich, however, hold onto their money- and of course they can afford to. And in a government study, it was found that across the country, it is small business, and mom-and-pop businesses that contribute the most to the tax base. Interesting, no? So maybe the financial powers-that-be are beginning to get it. It ain’t the rich that keep us afloat.
Actually, brookelen, the “Area” in Area Median Income is defined by the federal Department of Housing and Urban Development as the entire metropolitan area. It was around $77K for a family of four, the last time I checked. However, as you point out, “Affordable housing is defined by the City as a % of the Area Median Income.” Some programs dictate what the % will be, others are more flexible.
Affordable housing is defined by the City as a % of the Area Median Income. So “affordable” would different in Brooklyn Heights than it would be in Bed Stuy.
Fulton street is a planners dream street the bones are there just needs to be loved…
Fulton Street needs help BAD anything that would help this street is a good thing… I think Bedford Stuyvesant Fulton Street is one of the ugliest streets in NYC. I live 2 blocks away from Fulton street and I only use it for the A/C… It seems like Fulton takes a nose dive for the worse once you pass Washington Ave…
That would be the big question I know people in Bedford Stuyvesant that make 1 mil, 100k, 50k and 25k a year. So what would affordable housing be in BS?
I’d love to work on the design of these projects. I’m an architect and live in the area. Anyone have any thoughts about how to get in touch with the Goldman Sachs Urban Investment Group?
What are affordable price ranges for condos in NYC. Anyone knows?