The Real Deal New York

Dunn to pay $4 for Brooklyn development site

September 27, 2012 02:30PM

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Dunn Development President Martin Dunn and the Livonia Avenue Initiative sites

The city has selected Dunn Development Corp. to develop four city-owned vacant lots in East New York, Brooklyn, into 270 units of low-income rental apartments.

The measure is part of the planned Livonia Avenue Initiative, which will bring 791 low-income rentals to the area. Dunn’s four-lot development will be called Livonia Commons and will also include 11,000 square feet of retail space and 21,000 square feet of community space. The lots will be transferred within 18 months at a cost of $1 each.The initiative is part of the Bloomberg administration’s New Housing Marketplace Plan, which aims to create or preserve 165,000 affordable housing units by 2014.

The developer was selected from sixteen proposals; Dunn will also develop nearby 60,000-square foot facility for the Boy’s Club of New York’s first Brooklyn location. [Crain's]Jane C. Timm

  • Bob

    Why isn’t any market rate housing part of the deal. Are they intentionally trying to create a low-income ghetto?

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