The Real Deal New York

Phipps Houses files plans for 403 apartments in East New York

14-story project on Atlantic Avenue also calls for 21K sf of commercial space

3301 Atlantic Avenue (Credit: Google Maps)

UPDATED, Jan. 31, 10:36 a.m.: Nonprofit housing firm Phipps Houses is planning to build 403 residential units on Atlantic Avenue in East New York, according to property records filed with the city Monday. The building is the first step in a plan to construct roughly 1,200 apartments on the site, the firm said.

The residential section of the 14-story building would span more than 377,300 square feet. Along with the 403 units — all of which would be affordable — there are plans for 20,977 square feet of commercial space, including three retail units on the ground floor. Dattner Architects is the architect of record.

Phipps paid $38 million for the property at 3301 Atlantic Avenue in 2015.  The 300,000-square-foot site is bordered on the north and south by Fulton Street and Atlantic Avenue, and on the east and west by Euclid Avenue and Chestnut Street.

The property falls within the city’s rezoning plan for East New York, Cypress Hills and Ocean Hill, which was approved in April last year.  It is the first neighborhood to be rezoned under the de Blasio administration’s Mandatory Inclusionary Housing Plan, which allows developers to build taller but requires them to set aside a portion of units as affordable in return. The city is also seeking a developer to build up to 200 affordable apartments on a vacant, neighboring property.

Phipps, one of the city’s oldest and largest developers of affordable housing, is leading the $600 million revamp of Lambert Houses in the Bronx, but recently scuttled plans for an affordable development in Sunnyside over concerns from the local council member.

Last month, Phipps sold Kips Bay Court — an 894-unit complex in Manhattan that it developed in 1975 — to Blackstone Group for $620 million.

The Real Deal last week took a look at how affordable housing developers might be impacted if the Republican Congress slashes taxes, which would make federal low-income housing tax credits worth much less to investors.

This story has been updated to reflect that all of the 403 units would be affordable, and that the building would be the first step in the firm’s plan to construct around 1,200 affordable units on the site.