Construction on the last phase of the Marcus Garvey extension project in Brownsville is expected to break ground in the next few weeks after its developers on Wednesday finalized $126 million in financing.
Westchester-based real estate firm L+M Development Partners closed on the financing for the last two buildings —comprising 178 affordable apartments, 88 of which will be supportive housing for previously incarcerated individuals — in the Brooklyn mega project. Elaine Braithwaite, managing director at L+M, said the closing is the final step of phase 2 of the project.
The $126 million is being financed through a combination of sources, including various city and state subsidies and tax-exempt bonds as well as geothermal tax credits, according to L+M.
The entire development, which is expected to have cost $382.6 million when finished, spans six buildings featuring 630 units of affordable and supportive housing and more than 20,000 square feet of commercial and community spaces.
The last two structures—C and E—will stand 8 stories tall and between 94,000 and 96,000 square feet, and will be all-electric. Building C, located at 380 Chester St., will include 87 residential units. Building E, located at 753 Thomas S. Boyland St., will include 91 residential units—all of which will be for people earning between 40% and 70% of the area’s median income, which for a family of three is about $44,000. The supportive services will be run by the Osborne Association. Braithwaite said she expects construction to take about two years.
The project dates back to 2018, when the city approved L+M’s application for a rezoning in order to facilitate the construction of a large-scale affordable housing project with both commercial and community spaces.
Construction wrapped on the first phase of the project, which included buildings B, D and F and a total of 348 units, in 2022, and all three buildings are now fully occupied, according to Braithwaite.
Julianne Cuba , 2024-03-27 14:33:03
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