Slate JV plans affordable housing complex in Brownsville

Nonprofit RiseBoro will co-develop 215-unit project

New York /
Jun.June 03, 2021 06:25 PM
RiseBoro's Scott Short and Slate Property Group's John Valladares with 326 Rockaway Avenue (Google Maps)

RiseBoro’s Scott Short and Slate Property Group’s John Valladares with 326 Rockaway Avenue (Google Maps)

Slate Property Group is teaming up with nonprofit RiseBoro Community Partnership to build a 215-unit affordable housing project in the Brownsville section of Brooklyn.

The joint venture is proposing a 160,000-square-foot building at 326 Rockaway Avenue, which would include 5,000 square feet of ground-floor retail and community facilities, The Real Deal has learned.

The 14-story project is expected to cost about $110 million, according to the developers. No official plans have been filed yet with the city. The duo — Slate is led by co-founder David Schwartz and RiseBoro by its CEO Scott Short — said the building would include a fitness room, a courtyard and 24-hour security. Construction is expected to begin next year.

The units are set aside for households earning below 60 percent of area median income. Additionally, more than half the units will be supportive housing — offering on-site social services — for young adults who have aged out of foster care.

The joint venture paid $8.4 million for the 38,000-square-foot site. The Corporation for Supportive Housing, a housing advocacy nonprofit, provided financing.

The developers said they intend to partner with laborers union Local 79, under a new affordable housing labor agreement. Once completed, building employees would be from service workers’ union 32BJ SEIU.





    Related Articles

    arrow_forward_ios
    A rendering of 165 Broome Street (Credit: Handel Architects)
    Nonprofit plans affordable housing development near Essex Crossing
    Nonprofit plans affordable housing development near Essex Crossing
    All Falls Down: Kanye West’s “Star Wars”-themed affordable housing plan hits snag
    All Falls Down: Kanye West’s “Star Wars”-themed affordable housing plan hits snag
    All Falls Down: Kanye West’s “Star Wars”-themed affordable housing plan hits snag
    East Hampton Town Supervisor Peter Van Scoyoc and 395 Pantigo Road in East Hampton (EHamptonNY.gov, Zillow, iStock)
    East Hampton Town officials vow affordable housing action
    East Hampton Town officials vow affordable housing action
    Donald Capoccia, managing principal, BFC Partners along with a rendering of 475 Bay Street in Stapleton, Staten Island (BFC Partners/Photo Illustration by Steven Dilakian for The Real Deal)
    BFC Partners closes on Staten Island dev site
    BFC Partners closes on Staten Island dev site
    (iStock)
    Rents in Manhattan and Queens recover while Brooklyn lags behind
    Rents in Manhattan and Queens recover while Brooklyn lags behind
    Council member Crystal Hudson with renderings of 870-888 Atlantic Avenue (Twitter via Crystal R Hudson, Archimaera)
    Crystal clear: Council member spikes two projects in first week
    Crystal clear: Council member spikes two projects in first week
    160 Henry Street and 30 Main Street (Compass, Zillow, iStock)
    Brooklyn Heights, Dumbo units lead borough’s luxury contracts in first week of 2022
    Brooklyn Heights, Dumbo units lead borough’s luxury contracts in first week of 2022
    Tech firms’ housing pledges coming up short
    Tech firms’ housing pledges coming up short
    Tech firms’ housing pledges coming up short
    arrow_forward_ios

    The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

    Loading...