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Affordable homes break ground in Brooklyn's Broadway Triangle.

Affordable homes break ground in Brooklyn's Broadway Triangle

Mayor David N. Dinkins presided at a groundbreaking ceremony for a new housing construction project to produce 125 to 140 affordable two- to three-family homes in the Bedford Stuyvesant and East Williamsburg sections of Brooklyn.

The homes will be developed through the New Homes program, a joint venture of the Department of Housing Preservation and Development (HPD) and the New York City Housing Partnership.

The construction of the new homes is part of a comprehensive development plan initiated by the city to revitalize a substantially deteriorated 22-block area in East Williamsburg ar Bedford-Stuyvesant. The Broadway Triangle Urban Renewal Redevelopment Project will create affordable homes, low- and moderate-income rental units, and new industrial and commercial development.

The Broadway Triangle Urban Renewal Redevelopment Project was inspired by Edmund T. Pratt, Jr., chairman of Pfizer Inc. Pfizer is an international pharmaceutical manufacturer that maintains a one million square foot complex in the Broadway Triangle area. Pfizer researched and helped to promote the Broadway Triangle project.

Under the New Homes program, developers work with the New York City Housing Partnership and community and private-sector sponsors to develop housing for families earning between $25,000 and $53,000 a year. The Beechwood Organization has been designated the developer for the Broadway Triangle New Homes Project, which is being co-sponsored by Pfizer. The estimated cost of this project is $28 million. The city provided the land for a nominal fee and will provide a S10, 000 subsidy per unit to make the homes affordable to moderate- and middle-income families. The New York State Affordable Housing Corporation will provide a $15,000 subsidy per unit.
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Publication:Real Estate Weekly
Date:Jun 19, 1991
Words:276
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