Brooklyn developer Cypress Hills Local Development Corporation has plans for a mixed-use building in East New York, one of the poorest neighborhoods in the city.
The seven-story, 58-unit property at 2501 Pitkin Avenue — between Shepherd Avenue and Berriman Street — will include 3,264 square feet on the ground floor, as well as a fitness center, bicycle room and storage. The site is a vacant, fenced lot at the moment.
The residential portion will include affordable rental units, with which the Cypress Hills Local Development Corporation intends to collaborate with the city Quality Housing Program. The developer is also seeking to rezone a stretch of Pitkin that contains the building and little else.
In 2011, self-storage real estate investment trust CubeSmart bought five Storage Deluxe properties in Brooklyn for a total of $123.9 million, including the one at nearby 2047 Pitkin Avenue for $27.8 million, as previously reported. [BuzzBuzzHome] — Mark Maurer