Bed-Stuy, Clinton Hill developers opt for townhouses over condos

May.May 04, 2011 12:16 PM

As lenders remain hesitant to finance large condominium developments in Brooklyn, especially in Bedford-Stuyvesant and Clinton Hill, developers are migrating towards government-subsidized affordable housing apartments, and even more so, townhouses in those areas, the Wall Street Journal reported. Construction is in the works at multi-family townhomes at 37-41 Lexington Avenue and 258-262 Greene Avenue in Clinton Hill, while five townhouses are about to come to market at 101-107 Stockton Street, also in Clinton Hill. Meanwhile, at 482 Franklin Avenue in Bed-Stuy, Realty Within Reach has plans for 78-units of middle-income housing and Dunn Development closed a deal yesterday with plans for a 59-unit, affordable housing building in Clinton Hill. That’s a stark contrast from the larger, non-affordable housing, construction sites in the area, such as the 12-story tower planned for 333 Green Avenue that’s been stalled since 2009, much to the chagrin of the neighbors. Those stalled sites have tightened lenders purses, which compelled Hudson Cos. to build a 114-unit rental apartment building at 135 Emerson Place in Clinton Hill, where it originally intended to erect a condo. [WSJ]

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