BFC partners with nonprofit on Bedford Armory

Local Development Corp. could help sway critics

TRD New York /
Mar.March 01, 2017 09:45 AM

Bedford Union Armory

BFC Partners brought a local nonprofit on as a partner on its embattled Bedford Union Armory development project in Brooklyn.

Crown Heights-based Local Development Corp. will get a share of condo sales revenue at the building and can use those funds to finance affordable housing in the area. BFC wants to convert the 138,000-square-foot building into a mixed-use complex including a sports facility, condos and below-market rental units.

Some local activists oppose the project, arguing it isn’t providing enough affordable housing. Bringing on the nonprofit could help sway some critics. “I think this is a worthwhile project for the community and our city,” Caple Spence of Local Development Corp. told Crain’s. “With our participation, I think the elected officials will be much warmer to the development.”

But a member of New York Communities for Change, a group opposing the project, said the move isn’t enough. “(BFC’s) remedy of adding a nonprofit partner this late in the process is like putting a Band-Aid on a tumor,” Vaughn Armour told Crain’s. “The only way to save the Armory is to kill the project and start over.”

BFC TRData LogoTINY initially partnered with Slate Property Group on the project, but Slate left amid City Hall pressure in the wake of the Rivington House scandal.  [Crain’s] — Konrad Putzier 


Related Articles

arrow_forward_ios
An example of roll-off waste management (Credit: YouTube, iStock)

Big building owners prevent city from dumping container-pickup in trash-collection reform

“I can talk about erections all day”: NAR tech consultant’s bizarre fireside chat

Council member Vanessa Gibson (Credit: New York City Council)

Commercial landlords face new fines as City Council passes anti-harassment bill

As House begins impeachment inquiry, here’s what we know about Trump’s Ukraine-real estate ties

Embattled Prodigy Network CEO Rodrigo Niño to step down

The Watchtower building at 25 Columbia Heights, CIM Group’s Shaul Kuba (right) and LIVWRK’s Asher Abehsera (Credit: Wikipedia, CIM Group, and LinkedIn)

JPMorgan leads $335M refi for CIM and LIVWRK’s Watchtower renovation

Multifamily market still reigns in Queens, Blackstone balks after rent reforms and more of the biggest CRE trends right now

Real estate titans … and their toys

arrow_forward_ios