CPC Partners With HUD and HPD to Renovate Houses in Bed Stuy and Flatbush
The government agencies are ponying up $9.8 million in financing two redo a total of eight three-story buildings in Bed Stuy and Flatbush. More details at The Real Deal.
The government agencies are ponying up $9.8 million in financing two redo a total of eight three-story buildings in Bed Stuy and Flatbush. More details at The Real Deal.
203k program appears to be a loan:
http://www.hud.gov/offices/hsg/sfh/203k/203kabou.cfm
Two projects, each with 26 units, so 52 total. The Bed-Stuy project sounds like a large building, so I don’t think per floor is a good metric here. The Flatbush project is four three-story buildings (6 or 7 units building?). Assuming no commercial, that’s 12 floors for $4.8 million, or $403,000 per floor.
Is this all financing, or are there grants or other subsidies? (CPC is financing, I’m not sure what 203K is.)
And if it is 2 units per floor for 52, that’s $376,000 per floor. Outrageous, even with two low-end kitchens and full baths.
Totally outrageous.
You can do a low end renovation of three floors for about $200k
jessi, it said 26 units.
Dave, fwiw, there are 52 units being rehabbed here – cost of about $188k per unit.
1910…there was a thread about that house on here last week.
Anyone remember Brooklyn Union Gas’ Cinderella Project. They rehabbed houses in Ft. Greene, Bed Stuy, Park Slope. I had been in a couple and they were really nice.
I’m too young to remember if these had public funding or how the funding worked and can’t find much information, but would be interested to see how this new project compares to BUG’s.
One Cinderella is up for sale in Park Slope
http://bk.ly/s60
$9.8 Million to redo eight three-storey buildings in Bed Stuy and Flatbush is certainly a fine example of how public sector money is wasted inefficiently.
Way to go Obama and NYC HPD!!!!! Keep up the efficient beuracracy.