Red Hook affordable housing project officially opens

October 27, 2011 02:46PM

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135 Coffey Street and interiors of the Red Hook Homes

A three-building mixed-income co-op known as Red Hook Homes officially opened today with a ribbon-cutting ceremony attended by Brooklyn Borough President Marty Markowitz.

The project was developed by the not-for-profit Fifth Avenue Committee and contains 60 units across the four-story towers, 40 of which are affordable apartments with the remaining 20 reserved for middle-income New Yorkers.

“Brooklyn has always been a ‘proud home to everyone from everywhere,’ but that’s an empty phrase unless we make sure that everyone can find a home in Brooklyn,” Markowitz said. “By mixing market rate, middle income and affordable housing all under one roof, this project shows that Brooklyn is not only ethnically diverse, but also economically diverse.”

Forty-two families have moved into the development, 40 of which where selected by lottery from 4,500 applicants vying for the affordable units. All of the affordable units have been sold.

Apartments in the complex, at 71 and 79 Wolcott Street and 135 Coffey Street, ranged in price from $48,000 to $130,000, and buyers were required to be first-time purchasers, mortgage eligible and earn a certain income.

Seven middle-income and seven market-rate units are still available for purchase at the project, with prices ranging from $349,000 to $570,000. Purchasers of these apartments must be first-time buyers whose household earns no more than $130,680.

Fifth Avenue Committee has been involved in creating affordable housing throughout South Brooklyn, including in the Addison, for which it is now accepting applications. — Adam Fusfeld