The Real Deal New York

BRP Companies begins upgrading 63 East New York sites

Project funded by Goldman Sachs, city and state covers 468 affordable housing units

October 13, 2014 09:00AM

affordable

BRP’s Meredith Marshall and a Williams Avenue building in East New York in Brooklyn

Midtown-based development firm BRP Companies has begun renovating 63 apartment buildings in East New York as part of a sweeping overhaul of the neighborhood’s affordable housing.

Goldman Sachs and city and state housing agencies partnered to finance the project. BRP acquired the buildings from local nonprofit East New York Urban Youth Services for a total of $100 million in December. Earlier this month, the Goldman Sachs Urban Investment Group invested $75 million into a new fund to develop housing in New York and New Jersey.

The repairs to the 468 affordable housing units were expected to be done by December 2015, but a spokesperson for BRP said completion might occur months sooner.

A square mile section of Cypress Hills, a northeastern subsection of East New York, is set to house the first 15 sites of Mayor Bill de Blasio’s $41 billion affordable housing plan, as previously reported. [NYDN]Mark Maurer

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