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Hudson Companies Residential Development on Flatbush Ave. in PLG - Page 5 — Brooklynian

Hudson Companies Residential Development on Flatbush Ave. in PLG

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  • If the building spree was for apartments that were more equitable, I'd be on board. Sadly, it seems everything going up is not the case. I wish there was more oversight into the type of city this will grow NYC into.
  • I mean, has anybody talked about the ENORMOUS amounts of buildings on Flatbush ave adjacent to 626 that are literally boarded up above street level? Scores of 3 story brick buildings, from Lincoln to parkside (..and beyond...) with windows above the storefronts bricked up, boarded up, or otherwise covered with decades-old signage for companies that don't exist anymore. I mean, I have some theories as why this is the case, but man, what a damn waste. I know it's not everyone's dream to live on Flatbush ave, but there's a housing crisis on. I'm sure it's naive of me to hope the restoration of these buildings could happen in lieu of new developments.......I know there's only so much "luxury" you can cram into a 3 story little brick building, but it would be bound to be more profitable than storage for GIRLS 2000 or homes for rats.
  • edited January 2015
    I suspect that many people under estimate how expensive housing in NYC is to provide, and under estimate just how much value is added when a property is delivered free of tenants that would be protected by rent stabilization rules.

    When it is profitable, the buildings you describe will be rehabbed or torn down.

    ....or, they will sell their development rights and continue to keep their upper floors vacant.
  • edited February 2015
    Long after this building reached its terminal height, the lawsuit against it reached its terminal point.

    Today, the court decided that HFA followed applicable procedures regarding the EIS.   


    ...and basically stated, that "As of right means as of right.    ...Even if you do not think that is right"


  • Modest commercial buildings on Flatbush don't seem like they'd be likely to have more than 6 units, and thus wouldn't be under stabilization.
  • edited March 2015
    One can now enter the lottery for the affordable units in this building:

    image

    Thousands will enter, dozens will win.
  • Damn. Those income limits are SO low.
  • People with much higher incomes will be served by the market rate units.
  • edited March 2015
    True. But what about, say, a dual income family who makes $70,000/year? That's one person with a great job, or a pair with each making $35,000ish. They can't afford $2500/month for a 2bedroom!
  • edited March 2015
    Nope. They may have to share a 1 BR in this part of NYC.

    It is pretty crazy.
  • I'm both surprised and impressed with how low they're going with rent and income. What I always wonder is if the people who need it most get this information and know how to access these opportunities, rather than those who are just temporarily low income (e.g. grad students) or who can work the system (e.g. A cohabiting couple who wouldn't qualify with both incomes, but the one with the lowest income applies or a freelancer/artist who doesn't report all their income).
  • The funders of the units (Deep Rent Skewed and Low Income Housing Tax Credits) set the income levels as a % of Area Median Income. There are "look back" periods.

    Likewise, only the folks on the lease can live with you, which prevents the wealthy off the books partner.

    The developers have to demonstrate that they did outreach in compliance with the Fair Housing Act, and then must acknowledge every application received before the lottery.

    So, those parts of the process meet my definition of fair. It then gets murky: Credit scores and criminal records are taken into account.

    The developers are motivated to get the "best people who qualify for the units, into the units".
  • Damn. Those income limits are SO low.
    They are.

    I wonder whether this would be in the reach of someone who is a senior citizen, living on a fixed income (Social Security and/or a pension from one's employer).
  • Keep in mind median household income for the area is $39k which is right around the high limit of the income band for a family of 3 and below the income limit for a family of 4. So while the income restrictions may seem low to many on this board, they may actually be about right to serve the intended population: low-income families that already live in the neighborhood. 

  • edited April 2015
    Yup.

    There is a total of 51 subsidized units. So, 51 low income families will get a clean, safe apartment as a result of this building.

    As discussed above, the developer was incentivized to include these units as a result of favorable state financing and an increase in the size of the building.

    In this case, the developer chose to "spend" this increase by building higher.

    I look forward to seeing the promotional materials for the market rate units, and expect them to include expansive views of the park.
  • I am happy for the 51 families/individuals. I hope they all come from the CB9/CB8 area! 
  • edited April 2015
    As stated on the announcement, residents of CB9 will receive preference for 50% of the units.

    The rest of the units will be open to residents of the rest of NYC.

    This photo was taken on Feb 24th at tenants rights forum in CB9. I believe it nicely sums up who is in danger of being priced/forced out of CB9, and wants to stay.

    image

    In my view, their advocates are doing everything they can to get them to enter local housing lotteries as they are announced, despite the low odds of winning.
  • Damn. Those income limits are SO low.
    But not low enough for the tenant advocates. They not only want lower income limits, but more affordable units. They believe that the city could get more for its dollars than 421-A demands:

    http://gothamist.com/2015/04/10/626_flatbush_protest.php
  • Damn. Those income limits are SO low.
    But not low enough for the tenant advocates. They not only want lower income limits, but more affordable units. They believe that the city could get more for its dollars than 421-A demands:

    http://gothamist.com/2015/04/10/626_flatbush_protest.php
    By the way, check out the comments section on the Gothamist article. One or two posters made a comment about PLG being so "far" out in Brooklyn - ha!
  • Just because they can't imagine people being willing to pay lots of money for an apartment at 626 Flatbush, doesn't mean there won't be thousands of applicants who wish to....
  • edited May 2015
    The last day to apply for the lottery for the subsidized units is May 25; Two weeks from today.

    http://www.phippsny.org/wp-content/uploads/2015/03/626-FLATBUSH-AVENUE-APTS-APPLICATION.pdf

    Any guesses as to how many thousand will apply?
  • I'd bet that more than 90,000 applications will be received. 
  • edited May 2015
    Given how visible this building is, and how effective local politicians like Jesse Hamiliton have been at getting the word out to low income residents that they are going to need to be assertive and informed to stay in the district,
    it would not surprise me if you are right.

    http://www.nytimes.com/2015/01/30/nyregion/long-lines-and-low-odds-for-new-yorks-subsidized-housing-lotteries.html?_r=0

    http://www.nysenate.gov/senator/jesse-hamilton

    I'm placing my bet at around 75,000 applications.

    Curbed or some other website will likely tell us the actual answer in about a month.
  • And, now for a glimpse of neighborhood impact:


    "Whynot_31,
    TerraCRG has been retained to exclusively represent ownership in the sale of 146 Fenimore Street. The sixteen-unit building is located on Fenimore Street between Flatbush Avenue and Bedford Avenue in the Prospect Lefferts Garden neighborhood of Brooklyn.

    The 17,400 SF walk-up building is comprised of thirteen large 2-bedroom and three 3-bedroom apartments. The property grosses approximately $329,531 annually and the NOI is ~$233,092. The Asking Price of $5,250,000 equates to just $302/SF.

    There is upside in the asset in both the income, rents average $22/SF in a $40/SF market, as well as the neighborhood. Hudson Companies’ 254-unit residential tower at 626 Flatbush Avenue is one block away and is expected to continue to attract the influx of young students and families seeking housing close to Prospect Park.

    The portion of the Flatbush Avenue Retail Corridor adjacent to the property also has seen considerable growth in recent years. Residents priced out of more expensive Brooklyn neighborhoods have migrated to Prospect Lefferts Garden to be close to Prospect Park, the Flatbush Avenue retail corridor and the express B & Q trains to Manhattan.

    The Q express train was recently rated the best subway line in the city and provides access to Manhattan in just 30 Minutes. The building is just a few blocks from the B,Q and S Trains at both the Parkside Avenue and Prospect Park subway stations as well as the 2 & 5 subway at the Winthrop Station.

    Download link for more information: terracrg.com/setups/146_Fenimore_Street.pdf

    Adam

    Adam Hess | Partner | TerraCRG | 592 Pacific Street, Suite B | Brooklyn, NY 11217 |
    T: 718-310-3296 | F: 718-768-6288 | ahess@terracrg.com | www.terracrg.com"

  • Facade about halfway done.

    No windows yet.

    image
  • I got a letter for this building. Hope I get it.
  • Any updates?
  • I have not been able to find ads for the market rates unit yet, so I assume they are still waiting for their Certificate of Occupancy.
  • not sure if this was posted before, but here's a crazy drone video made sometime this past fall i'm guessing. Prospect Park lookin' sharp. the evening shadow cast on the south side of rutland road seems like a huuuuge bummer.


    anyone wanna bet when we'll see floorplans/ads for rentals? I'm thinking the beginning of fall 2016.
  • I heard from somebody who was involved with the bookstore that they are aiming for fall occupancy for both building and store.