New York Acorn Sweetheart Development Report, March 2006

8/13/2019 New York Acorn Sweetheart Development Report, March 2006

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Sweetheart Development:

Gentrification and Resegregation

in Downtown Brooklyn

New York ACORN

March 16, 2006


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NY ACORN !2-4 Nevins St., 2ndFl. !Brooklyn, NY 11217 !718-246-7900 !

EXECUTIVE SUMMARY

Developer after developer is invading Downtown Brooklyn and the surrounding areas with plans

for luxury condominiums and apartments with few or no affordable units. Meanwhile, the City

and its taxpayers subsidize these developers with hundreds of millions of dollars annually in421a and J-51 tax abatements, which exempt them and the affluent purchasers of their luxury

condos from property taxes for years.

The 87 new developments researched for this report contain 5,934 housing units. Only 201 units

3% of the total are affordable to moderate-income people, while only 266 4% of all new

units can be afforded by low-income families. As people displaced from their neighborhoods

by gentrification struggle to find housing, the City siphons their tax dollars into the pockets of

the wealthy developers and luxury housing shoppers responsible for their displacement.

New one-bedroom condos routinely cost between $400,000 and $500,000; two- and three-bedroom units range from $600,000 to well over $1 million. According to a recent Real Estate

Board of New York study, the average apartment in DUMBO sold for $1,255,000 last year. The

cost of buying an apartment in Fort Greene rose 81.9 percent. Single and two-family home sales

in Boerum Hill went up 54 percent in the last year, to an average of $1,293,000; in Brooklyn

Heights they rose 28 percent and now average $2,722,000. These developments obviously target

high-income individuals, not the low- and moderate-income families whose taxes subsidize

them.

While rents and purchase prices for housing have risen dramatically, so have the average

incomes of residents, as affluent newcomers flood the area. The resulting economic and socialchanges accentuate existing disparities in class and race. Metropolitan New York has the widest

income gap between rich and poor in the state which, in turn, leads the country in economic

disparity.* Racial inequalities aggravate these figures, as white and Asian households earn

significantly more than African American and Hispanic ones.

As a result, many long-time residents face displacement from their neighborhoods. This

displacement, which a study prepared for PolicyLink and the Brookings Institution Center on

Urban and Metropolitan Policy called one of the defining components of gentrification, and . . .

also by far the most serious consequence of gentrification, purges neighborhoods both

economically and ethnically: African American and Latino areas are by far the most likely to be

New York ACORN

*Pulling Apart in New York: An Analysis of Income Trends in New York State and New York City, Fiscal PolicyInstitute, January 2000.

Health Disparities in New York City: A Report from the New York City Department of Health and mentalHygiene, Fund for Public Health in New York, Inc., 2004.


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affected, and over recent decades, the Hispanic population of Brooklyn has risen only

marginally, while the African American population has plunged dramatically.

This wave of development may gentrify the area entirely, complete with the displacement of

low- and moderate-income families no longer able to afford to stay. The key issues: Who will beable to afford to live in and around Downtown Brooklyn? And how can the City justify tax

abatements for these luxury developments that are unaffordable for the overwhelming majority

of its residents?

ACORN holds that any developer seeking tax abatements should be required to make at least

30% of new housing units affordable, and to tier this affordable housing for different income

levels, ensuring that units are affordable, at 30% of household income, for all low- and moderate-

income families.

New York ACORN

Dealing with Neighborhood Change: A Primer on Gentrification and Policy Choices, Maureen Kennedy andPaul Leonard, The Brookings Institute Center on Urban and Metropolitan Policy and PolicyLink, April 2001.

Community District Profiles, New York City Department of City Planning, December 2004.


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The Berkshire Capital Group is converting the

27-story Verizon Building at 7 Metrotech Center

in Downtown Brooklyn, originally constructed in

1930, into 244 market-rate condos and 34,000

square feet of retail space.

SWEETHEART DEALS IN BROOKLYN: FAILING PUBLIC POLICY

The City is using public dollars to subsidize the developers who are building this upscale

housing, gentrifying Downtown Brooklyn and the surrounding area, and displacing low- and

moderate-income families no longer able to afford the escalating rents and sale prices. Many, if

not all, of the 87 developments described in this report are eligible for 421a or J-51 property taxabatements.

421a is a tax exemption for new construction. Under the program, developments anywhere in

the four outer boroughs, or above 110thStreet and below 14thStreet in Manhattan, can receive tax

abatements for 15 years, or in some cases 25 years, for the increase in real estate taxes resulting

from the value added to the property by their work. Projects that do not include new

construction, but significantly rehabilitate a property, qualify for a similar 14-year abatement

New York ACORN


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under the Citys J-51 program. Neither of these subsidies from the City requires any developer

in Brooklyn to provide affordable housing units.

A 2003 study by the Independent Budget Office found that from 1985 to 2002, 69,000 units in

New York City were subsidized through the 421a program. Only 7 percent of these units 4,905 were affordable.

In 2005, New York City taxpayers gave $323 million dollars in subsidies to developers of

housing throughout the City under the 421a property tax exemption program.** Developers in

the Manhattan Exclusion Zone between 14thand 110thStreets must provide at least some

affordable units in exchange for their tax breaks. But outside of the Exclusion Zone, in places

like Downtown Brooklyn, developers receive this sizeable public subsidy for developing

exclusively luxury housing. In these areas, the City is engaged in multi-million dollar giveaways

to create housing for the wealthy. Low- and moderate-income families, who overwhelmingly

occupy older buildings, continue to pay property taxes, directly in the case of homeowners or, fortenants, through the higher rents demanded by landlords to afford property taxes. Meanwhile,

luxury housing developers and their affluent customers enjoy their 421a and J-51 exemptions,

given to them at the expense of low- and moderate-income families.

SIGNS OF GENTRIFICATION

Gentrification converts poor and working-class housing and neighborhoods to upscale residences

for upper-middle- and upper-class households. It includes buying up older and sometimes vacantor run-down property in poor and working-class neighborhoods and constructing upper-middle-

and upper-class condominiums, townhouses, single-family dwellings, and upscale lofts and

apartments. The practice both replaces tenants who cannot afford a down payment or qualify for

a home mortgage with more affluent people who can and eliminates the possibility of working-

class families buying homes, as luxury condos replace all other purchasing options.

New York ACORN

**Spotting Glut, Mayor Deflates Condo Cushion, Matthew Schuerman, The New York Observer, March 6, 2006.


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A study prepared for PolicyLink and the Brookings Institution Center on Urban and Metropolitan

Policy noted that gentrification can impose great costs on certain individual families and

businesses, often those least able to afford them. These costs often entail [d]isplacement of

low-income residents, which the report called one of the defining components ofgentrification, and . . . also by far the most serious consequence of gentrification. Disparities of

class, race and national origin channel the effects of displacement: Renters are clearly most

vulnerable to displacement, especially when renters lack legal immigration status or do not speak

English. Such economic segregation disproportionately affects African Americans and

Hispanics, as in most (but not all) gentrifying neighborhoods examined in the case studies,

minority households (African American as well as Latino) have predominated in recent decades,

and some argue that this residential segregation occurs with the tacit support of public and

private sector institutions and traditions.

Existing economic and ethnic disparities in New York City aggravate these trends. The 2000Census found that New York State has the largest income gap between rich and poor of any state

in the country, while the New York City Primary Metropolitan Statistical Area leads the state in

inequality, with 54.5% of income flowing to the richest fifth of families, only 13.4% getting to

the middle fifth, and a meager 2.7% making its way to the poorest fifth. The poorer families

are more likely to be African American or Hispanic, as the same Census showed that only 30%

of African American families and 26% of Hispanic families earned more than $50,000, while

42% of Asian families and 50% of white ones did.

This economic inequality clearly shapes the ethnic composition of the area. Between the 1990

and 2000 Census, the Hispanic population of Community District 2, roughly equivalent toDowntown Brooklyn, Fort Greene, Brooklyn Heights, and Boerum Hill, increased by only 2%,

while the general population rose 4%. Simultaneously, the white, non-Hispanic population rose

12%, and the Asian and Pacific Islander population leapt 66%, even as the African American

population dropped a staggering 17.2%.***

In addition to these demographic shifts, there are multiple indicators of gentrification in

Downtown Brooklyn and surrounding neighborhoods. These include:

The high percentage of for-sale units being built and marketed in and around Downtown

Brooklyn. In 2002, in sub-borough area 202 (roughly equivalent to Downtown

New York ACORN

Dealing with Neighborhood Change: A Primer on Gentrification and Policy Choices, Maureen Kennedy andPaul Leonard, The Brookings Institute Center on Urban and Metropolitan Policy and PolicyLink, April 2001.

Pulling Apart in New York: An Analysis of Income Trends in New York State and New York City, Fiscal PolicyInstitute, January 2000.

Health Disparities in New York City: A Report from the New York City Department of Health and mentalHygiene, Fund for Public Health in New York, Inc., 2004.

***Community District Profiles, New York City Department of City Planning, December 2004.


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Brooklyn), the median owner household income was $68,000 while the median renter

household income was $33,000. In sub-borough area 208 (including Prospect Heights),

the median household income was $50,600 for owners and $24,000 for renters.

Clearly, the condominium, townhouse, and loft developments in and around Downtown

Brooklyn are intended for high-income owners, not low- and moderate-income families.

The increase of median household income in sub-borough area 202 from $32,292 in 1999

to $41,000 in 2002 a 27 percent increase. It rose from $23,871 to $26,724 in sub-

borough area 208 during the same time period a 12 percent increase. Median

household income in New York City as a whole increased by a considerably smaller

percentage, especially as compared to sub-borough area 202 from $35,552 in 1999 to

$39,000 in 2002, or just fewer than 10 percent.

The rise of median monthly rents in sub-borough area 202 from $475 in 1990 to $736 in

2002, a 55 percent increase. In sub-borough area 208, the median monthly rent wentfrom $425 in 1990 to $600 in 2002, a 41 percent increase. City-wide, median monthly

rents increased by approximately 12 percent from 1990 to 2002.

The increase of repeat sale prices for 2-4 family homes in Community District 2 (again,

roughly the area of Downtown Brooklyn, Fort Greene, Brooklyn Heights, and Boerum

Hill) by 180% between 1997 and 2003. In Community District 8 (including Prospect

Heights) repeat sale prices increased by the same percentage between 1994 and 2003.**

These price increases are almost twice as high as the 150 percent increase that occurred

City-wide between 1986 and 2003. Condo and co-op per square foot prices have now

reached $700 in parts of Prospect Heights and over $1,000 in some parts of Downtown

Brooklyn.***

Several factors encourage gentrification in and around Downtown Brooklyn and indicate its

future escalation. The real-estate market offers considerable demand for the high-end market-

rate condos being developed and sold. Downtown Brooklyns proximity to Manhattan attracts

affluent buyers hoping to find better deals on real estate in an outer borough convenient to

Manhattan.

New York ACORN

Figures are from the Furman Center for Real Estate and Urban Policy, State of New York Citys Housing and

Neighborhoods 2004.

All income figures are adjusted for inflation.

Figures are from the Furman Center for Real Estate and Urban Policy, State of New York Citys Housing andNeighborhoods 2002and Stateof New York Citys Housing and Neighborhoods 2004.

**All income and resale figures from the Furman Center for Real Estate and Urban Policy, State of New York CitysHousing and Neighborhoods 2004.

***Cited in Arena Nabe is Jumpin, Lore Crogham,New York Daily News, January 26, 2006.


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Many soft sites exist in and around Downtown Brooklyn. Some of these, like car washes, auto

body shops, and laundromats with parking lots, attract developers because acquisition costs

remain relatively low, while allowable density or floor area ratios are quite high. One-story

commercial buildings (again, many with parking lots) and gas stations often encourage

residential development because of commercial/residential zoning and the density they mayallow. This, of course, is part and parcel of gentrification wherever it occurs. After residential

property becomes the property with the highest value, everything becomes a residence.

A number of vacant lots have led to the appearance of more and more small, in-fill condominium

developments.

Upzoning, some of it the result of the Downtown Brooklyn Plan passed in 2004, has also

encouraged large-scale/high-rise condominium development.

Without any public policy in place to control these sources of gentrification and the high-enddevelopment they encourage, the area in and around Downtown Brooklyn will succumb to the

next generation of gentrification.

The Corcoran Group is

marketing 79 market-rate

c o n d o s i n S h a y a

B o y m e l g r e e n s n e w

Beacon Tower at 85

dams Street in DUMBO,

which will be completed in

September 2006, at prices

ranging from $630,000 to$2.4 million.

New York ACORN


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AREA DEVELOPMENTS

To document the gentrification overwhelming the area and the accompanying lack of affordable

housing, ACORN has researched 87 developments in Downtown Brooklyn and adjacent

neighborhoods. This list results from an exhaustive investigation, but cannot be considered a

complete inventory of all recent and planned developments in the area. Indeed, developments

appear so rapidly and regularly that it is virtually impossible to monitor them. Any

comprehensive analysis of Downtown Brooklyn development is rendered even more difficult by

the changing and fluid plans of developers.

The 87 developments included in Appendix A. are those that ACORN has learned of and been

able to research, some in more detail than others. All were apparently planned, constructed ormarketed, in whole or part, during 2005, although this wave of development began much earlier:

In 1998, David Walentas converted DUMBOs Clock Tower Building into luxury lofts, and by

2000, Bruce and Stuart Eichners new high-rise at 182 Montague Street offered 192 rental units

starting at $2,100. The new developments listed in Appendix A. begin in DUMBO and continue

out through Carroll Gardens and Park Slope. But new development and gentrification extend

into Brooklyn far beyond the neighborhoods researched for this report.

The information included in the description of each development comes from a variety of

sources, including the Automated City Register Information System (ACRIS) of the New York

City Department of Finance, the Brooklyn Borough Presidents Office, Brownstoner, theBuildings Information System of the New York City Department of Buildings, Crains New York

Business, developer and marketer Web sites, Emporis, Laborers International Union Local 79,

the New York City Housing Development Corporation, the Pratt Center for Community

Development, The Real Deal, Wired New York, and various media accounts. When these sources

have differed, we have favored information from government agencies.

The small number of affordable units (267) in these 87 developments indicates that gentrification

defines current development in Downtown Brooklyn and nearby areas. Not including the

number of market-rate and affordable units in those projects where plans have not been finalized

or approved, or where ACORN has been unable to confirm available numbers, the followingemerges:

78 of the developments with established numbers have no affordable units.

The developments with established numbers contain a total of 6,118 units. 93% of the

units are market-rate. Of the 7% of affordable units, 3% may be marketed to moderate-

income renters earning as much as $141,600 for a family of four, while only 4% are

New York ACORN


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affordable to low-income families who earn less than $35,400 for a family of the same

size.

85%of the units in developments with established numbers are for sale. These figures

contrast markedly with the 2005 New York City homeownership rate of 33% recentlyreported in the New York City Department of Housing Preservation and Developments

Housing and Vacancy survey.

COMMUNITY BENEFITS AGREEMENT

One notable exception to these trends in Downtown Brooklyn development, the Forest City

Ratner Companies Atlantic Yards Project, will lie on a 22-acre site, bordered for the most part by

Flatbush, Atlantic and Vanderbilt Avenues and Dean Street. It will include a professional sports

arena, a hotel, an office complex and residential mid-and high-rises containing 4,500 units of

new rental housing.

Forest City has entered into a Community Benefits Agreement (CBA) with ACORN and seven

other community groups that commits the developer to making 50% of the rental units 2,250

units affordable. Developers and government agencies typically define affordable housing

using broad income brackets that encourage the development of housing affordable only to the

highest-earning members of each bracket, who may earn as much as $141,600 for a family of

four. But the CBA tiers Atlantic Yards affordable housing to much smaller income brackets,

ensuring that units will be affordable to every low- and moderate-income family****:

% of Affordable

Units

# of Affordable

Units

Income as % of Area Median

Income (AMI)

Income as $ Range by

Family Size

10% 225 30 - 40% $13,181 for one -

$29,150 for six

30% 675 41 - 50% $18,014 for one -

$36,438 for six

20% 450 51 - 80% $21,969 for one -

$58,300 for six

20% 450 81 - 100% $35,589 for one -

$72,875 for six

The remaining 450 apartments, 20% of the affordable units, could include people making

101-160% of the AMI, depending on the developments financing negotiations and fundingcommitments. The project will also include between 600 and 1,000 affordable condos.

With 2,250 total units of affordable housing, including 1,350 affordable to low-income families,

Atlantic Yards will far exceed both the 467 units of affordable housing of the other 87

New York ACORN

****Figures in the chart reflect the smaller AMI during the CBAs negotiation.


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developments combined and the 201 of these units affordable to low-income families. The

project is currently undergoing environmental impact review.

RELIGIOUS DEVELOPMENT

The Watchtower Bible and Tract Society of New York, the organization of Jehovahs Witnesses,

plans to build Watchtower Residence Halls I and II at 85 Jay Street. Part of an 800,000-square-

foot complex including a dining hall, a three-story auditorium and an 1,100-car undergroundgarage, these four towers, rising as high as 20 stories, will house 1,600 employees in 888 new

units, nearly doubling DUMBOs current population. Construction is expected to begin in 2006.

Due to the unique nature of this development and the unusual manner in which its units are

offered, as a benefit of employment, ACORN has excluded it from the calculations in this report.

RECOMMENDATIONS

The Citys practice of subsidizing developers and getting no affordable housing in return must

end. To combat the gentrification of Downtown Brooklyn and nearby communities, and toprevent the displacement of its residents so that the area remains a vibrant and diverse

community where households of all income and racial and ethnic groups can afford to live,

ACORN recommends the following policy changes:

1. The 421a Exclusion Zone should be extended to Downtown, DUMBO, Prospect

Heights and other neighborhoods in Central Brooklyn, as it recently was in the rezoning

of Greenpoint-Williamsburg. This would mean developers could not receive a 421a

property tax exemption unless they include affordable units.

2. In exchange for 421a and J-51 tax exemptions, developers should be required to provide

at least 30 percent affordable units.

3. All affordable units in all developments should be income-tiered so that the units are

targeted to and affordable for all low- and moderate-income families, at 30 percent of

household income.

New York ACORN


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4. Any developer who receives a tax exemption should be required to enter into a

Community Benefits Agreement (CBA) with relevant community organizations, covering

labor participation and training, minority contracting, etc., as well as affordable housing.

APPENDIX A. DEVELOPMENTS

DEVELOPMENT M A R K E T -

RATE UNITS

M O D E R A T E -

INCOME UNITS

L O W -

I N C O M E

UNITS

NOTES

4 Water Street 13 condos 0 0 Developed by the

C h e e v e r

D e v e l o p m e n t

Corporation

F i n a n c e d b yCommerce Bank

Mixed with retail

s p a c e a n d a

parking garage

133 Water Street 52 condos 0 0 Developed by

W a s h i n g t o n

Group LLC

Riverfront

57 Front Street

33 condos 0 0 Developed by

S h a y a

Boymelgreen Marketed by the

Corcoran Group P r i c e s r a n g e

b e t w e e n

$400,000 and $1

million

New York ACORN


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The Nexus

84 Front Street


S h a y a


Corcoran Group Prices range from

t h e m i d -

$400,000s to $1.6

million

DEVELOPMENT M A R K E T-

RATE UNITS

M O D E R A T E -

INCOME UNITS

L O W -

I N C O M E

UNITS

NOTES

70 Washington Street259 condos 0 0 D e v e l o p e d b y

David Walentas

and Two Trees

Management O n e - b e d r o o m

condos cost as

much as $615,000,

while other units

r a n g e t o $ 2 . 2

million

Bridge No. 50

50 Bridge Street

58 condos 0 0 Developed by Jack

Guttman Marketed by the

Developers Group99 Gold Street 88 condos 0 0 Developed by the

Kay Organization Prices range from

$350,000 to $1.35

million Sales began in

February 2006

New York ACORN


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Vesta on Vinegar

Hill

206-210 Front Street

33 condos 0 0 D e v e l o p e d b y

Moshe Gold and

Max Lebowitz

J Condo

100 Jay Street

267 condos 0 0 Developed by Cara

Development andH u d s o n

Companies, Inc. Marketed by the

Corcoran Group


R A T E

UNITS

MODE RAT E -

I N C O M E

UNITS

L O W -

I N C O M E

UNITS

NOTES

Beacon Tower

85 Adams Street

79 condos 0 0 Developed by Shaya



$630,000 to $2.4

million Completion expected

in September 2006

New York ACORN


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Bridge View Tower

189 Bridge Street

62 condos 0 0 Developed by Bridge

View Tower LLC,

which represents a

d e v e l o p e r w h o

prefers to remainunnamed (but [a

spokesperson] did

say this is his first

Brooklyn project),

according to the

Daily Eagle Marketed by the

Developers Group

Brooklyn Br idge

Park360 Furman Street

1,240 condos

and rentalsexpected

None expected N o n e

expected

Developed by Robert

Levine and others Fees paid by condo

owners will fund the

maintenance of the

Park

The Court House

Court Street and

Atlantic Avenue

256 rentals 64 rentals 0 Developed by David

Walentas and Two

Trees Management Inc ludes on-s i t e

YMCA and 500-car

garage


RATE UNITS

M O D E R A T E -

INCOME UNITS

L O W -

I N C O M E

UNITS

NOTES

L o o k o u t H i l l

Condominiums

199 State Street


A l c h e m y

Properties P r i c e s r a n g e

from $470,000

to $995,000 M o v e - i n

scheduled for

October 2006

New York ACORN


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Boulevard East

53 Boerum Place


Mario Procida Marketed by the

Corcoran Group

14 Townhouses267-287 State Street

14 townhouses 0 0 Developed byTime Equities

Inc. and Hamlin

Ventures LLC Marketed by the

Corcoran Group Prices begin at

$2.55 million

Livingston Street and

Schermerhorn Street


Asfrie Properties

LLC W i l l i nc l ude

18,000 square

feet of retai l

space


R A T E

UNITS

M O D E R A T E -

I N C O M E

UNITS

L O W -

I N C O M E

UNITS

NOTES

7 Metrotech Center 244 condos 0 0 Developed by the

Berkshire Capital

Group Conversion of the

27-story Verizon

Building Will include 34,000

square feet of retail

space

New York ACORN


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Myrtle Avenue and

Fl a t bus h Avenue

Extension

C o n d o s o r

r e n t a l s

expected

Expected Expected Developed by Don

Capoccia and BFC

Partners, the Pratt

Area Community

Council and theRed Apple Group

Financed by the

H o u s i n g


Corporation The initial plan

specifies 500+ units

with a 50-30-20

division on the

eastern side of thesite and an 80-20

division on the

western side


R A T E

UNITS

M O D E R A T E -

I N C O M E

UNITS

L O W -

I N C O M E

UNITS

NOTES

New York ACORN


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O l d B o a r d o

Education Building

110 Livingston Street


David Walentas and

T w o T r e e s

Management P r i c e s r a n g e

between $400,000

and $1 million Walentas paid $4.5

million, 10 percent

of the buildings

purchase price, into

a B o r o u g h

affordable housing

fund

167 Johnson Street 512 condos 0 0 Developed by RonHershco and Dean

Palin Marketed by the

Developers Group C o n s t r u c t i o n

recently began

240 Ashland Place 30 condos 0 0 Developed by the

Clarett Group

Baltic Condos

373 Baltic Street

4 condos 0 0 Developed by the

Basi le Bui ldersGroup

Prices begin at

$400,000

323 2ndStreet 8 condos 0 0 D e v e l o p e d b y

Hector Mendez

On the Mark Condos

81 St. Marks Place


Michael Zenobio M a r k e t e d b y

Brooklyn Properties Prices range from

$ 6 2 5 , 0 0 0 t o

$799,000


RATE UNITS

M O D E R A T E -

INCOME UNITS

L O W -

I N C O M E

UNITS

NOTES

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445 3rdAvenue 6 condos 0 0 Developed by

A l c h e m y

Properties

149 Bergen Street 2 condos 0 0 Developed by

Patricia CostaH i g h p o i n t

Condominiums

560 7thAvenue

11 condos 0 0 Marketed by

B r o o k l y n

Properties Prices range

from $398,750

to $635,500

464 State Street 3 condos 0 0 Developed by

Jacques Racine

S a i n t F e l i x

Condominium31 St. Felix Street


J o r g eConcepcion

A t l a n t i c T e r r a c e

Cornerstone

Atlantic Avenue at

South Portland Street

20 condos 60 condos 0 Developed by

t h e F i f t h

A v e n u e

Committee

489 Atlantic Avenue 8 condos 0 0 Developed by

Atlantic Realty

LLC

Boerum Heights

556 State Street


D e n a l iConstruction Prices range

b e t w e e n

$475,000 and

$900,000

New York ACORN


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RATE UNITS

M O D E R A T E -

INCOME UNITS

L O W -

I N C O M E

UNITS

NOTES

Old Salvation Army

Site321 Ashland Place

Condos and/or

r e n t a l sexpected


expected

D e v e l o p e d b y

David Walentasand Two Trees

Management A ground-f loor

community center

for the Brooklyn

Academy of Music

with housing units

overhead The Pratt Center

for Communi tyD e v e l o p m e n t

r e p o r t s n o

i n d i c a t i o n o

affordable units.

6 5 5 - 6 6 9 F u l t o n

Street

C o n d o s

expected


expected

Developed by the

Clarett Group May extend to

228-230 Ashland

Place

The City offered atax abatement in

exchange for the

i n c l u s i o n o

ground-floor retail

space Nothing indicates

the inclusion o

affordable units

232 Adelphi Street 4 condos 0 0 D e v e l o p e d b y

Joshua Foster andBridge Capital

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DEVELOPMENT M A R K ET-

R A T E

UNITS

MODE RAT E -

I N C O M E

UNITS

L O W -

I N C O M E

UNITS

NOTES

6 0 9 - 6 1 3 M y r t l e

Avenue


Michael Marino

260 Skillman Street 16 condos 0 0 Developed by Deluxe

Development Inc.

The Kent

970 Kent Street

103 condos 0 0 Developed by Elissa

Winzelberg Marketed by the

Developers Group Prices range from

$355,000 to $495,000

Atlantic Avenue andSmith Street

50 condos 0 0 Developed by ShayaBoymelgreen

O n e o f f i v e

c o o p e r a t i n g

developments on an

E m p i r e S t a t e


Corporation site, as

well as a City Urban

Renewal Area that

requires affordablehousing, fulfilled by

partnership with the

Common Ground/

Actors Fund project

below

New York ACORN


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R A T E

UNITS

MODE RAT E -

I N C O M E

UNITS

L O W -

I N C O M E

UNITS

NOTES

200 Schermerhorn

Street

28 condos in

1 4

townhouses

0 0 D e v e l o p e d b y

Hamline Ventures and

Times Equities, Inc Financed by the

H o u s i n g


Corporation O n e o f f i v e


developments on an

E m p i r e S t a t eD e v e l o p m e n t



Renewal Area that

requires affordable

housing, fulfilled by


Common Ground/

Actors Fund project

below

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R A T EUNITS

MODE RAT E -

I N C O M EUNITS

L O W -

I N C O M EUNITS

NOTES

200 Schermerhorn

Street

Expected 0 0 D e v e l o p e d b y



H o u s i n g



c o o p e r a t i n gdevelopments on an





Renewal Area that

requires affordable



Common Ground/Actors Fund project

below

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R A T E

UNITS

MODE RAT E -

I N C O M E

UNITS

L O W -

I N C O M E

UNITS

NOTES

200 Schermerhorn

Street

Expected Not expected N o t

expected

D e v e l o p e d b y



H o u s i n g




developments on an





Renewal Area that

requires affordable



Common Ground/

Actors Fund project

below

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25



R A T E

UNITS

MODE RAT E -

I N C O M E

UNITS

L O W -

I N C O M E

UNITS

NOTES

State Renaissance

Court

200 Schermerhorn

Street

79 units 31 49 Developed by the

I B E C B u i l d i n g

Corporation Financed by the

H o u s i n g




developments on an





Renewal Area that

requires affordable



Common Ground/

Actors Fund project

below

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26


200 Schermerhorn

Street

0 0 217 rentals Developed by

Common Ground and

the Actors Fund Partnered with five

cooperatingdevelopments on an

Empire State

Development



Renewal Area that

requires affordable

housing


RATE UNITS

M O D E R A T E -

INCOME UNITS

L O W -

I N C O M E

UNITS

NOTES

Greenehouse Condos

381- 383 Car l t on

Avenue


Carlton Adelphi

LLC Marketed by the

Corcoran Group

42-44 Skillman Street23 condos 0 0 D e v e l o p e d b y

Skillman Street

Real Estate

189 Franklin Avenue 16 condos 0 0 D e v e l o p e d b y

Aponte Inc.

191-209 Spencer

Street

90 condos 0 0 Developed by the

Mercury Capital

Corporation

Marketed by theDevelopers Group

Prices range from

$ 3 1 0 , 0 0 0 t o

$445,000

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Williamsburg Bank

Building

1 Hanson Place


Magic Johnson's

Canyon-Johnson

Urban Fund II and

t h e D e r m o tCompany

F i n a n c e d b y

C i t i b a n k

C o m m u n i t y

Development

Pacific 582

582 Pacific Street

2 condos 0 0 Developed by Rol

Grimsted


RATE UNITS

M O D E R A T E -

INCOME UNITS

L O W -

I N C O M EUNITS

NOTES

3 4 4 - 3 4 8 B e r g e n

Street

0 24 rentals 0 Developed by Jay

Schippers Realty Financed by the

H o u s i n g


Corporations New

H o u s i n g

O p p o r t u n i t i e s

ProgramF u l t o n C l a s s o n

Condo

530-532 Classon

Avenue


Fulton Classon

Condo LLC

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Pacific Blue

9 2 5 - 9 3 5 P a c i f i c

Street


Supreme Builders L u x u r i e s w i l l

include a 50-foot

p o o l , r o o f t o pcabanas and a

screening room

1 Prospect Park

17 Eastern Parkway

114 condos or

rentals

0 0 D e v e l o p e d b y

Mario Procida,

Louis Greco and

Sheldon Gordon

F a c u l t y H o u s e

Condominium

310 St. James Place


Noah Smith M a r k e t e d b y

A g u a y o a n dHuebner

Prices s tar t a t

$353,000


RATE UNITS

M O D E R A T E -

INCOME UNITS

L O W -

I N C O M E

UNITS

NOTES

606 Bergen Street 40 condos 0 0 Developed by

P y r a m i d

Properties M a r k e t e d a s

having a Zen-like effect

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172 Sterling Place 8 condos 0 0 Developed by

Montagu Square

Development Marketed by the

Corcoran Group Pr i ces r ange

from $900,000

to $1.3 million

P a r k P l a c e

Condominiums

145 Park Place


T h o m a s

Anderson Marketed by the

Corcoran Group

1 Montgomery Place 5 condos 0 0 Developed by

Ray Zagami Marketed by the

Corcoran Group

484 2ndStreet 4 0 0 Developed by

Brennan Kearny

446 3rdStreet 4 condos 0 0 Developed by

Mark Pariti


RATE UNITS

M O D E R A T E -

INCOME UNITS

L O W -

I N C O M E

UNITS

NOTES

38 7thAvenue 7 condos 0 0 D e v e l o p e d b y

M H M E q u i t i e sCorporation

Eight by Eight

267-269 8thStreet


Joseph Dabbah Marketed by the

Developers Group

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503 8thAvenue 4 condos 0 0 D e v e l o p e d b y

T i m o t h y

Betancourt

361 12thStreet 4 condos 0 0 D e v e l o p e d b y

Yiannes Einhorn343 4thAvenue 93 condos 22 0 Developed by Isack

Katan Financed by the

C o m m u n i t y

P r e s e r v a t i o n

Corporation, which

required moderate-

income units

Park Slope East

270 1stStreet

8 condos 0 0 Developed by Isack

KatanPark Slope West

678 Union Street


Dominic Tonacchio Marketed by the

Corcoran Group

The Washington

35 Underhill Avenue


Pyramid Properties A three-bedroom

unit costs $844,000


R A T E

UNITS

M O D E R A T E -

I N C O M E

UNITS

L O W -

I N C O M E

UNITS

NOTES

F l o r e n t i n e

Condominiums230 7thStreet


Ruben AlexanderGerman

M a r k e t e d b y

Brooklyn Properties Prices range from

$ 5 9 9 , 0 0 0 t o

$1,295,000

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202 West 9thStreet 6 condos 0 0 D e v e l o p e d b y

Joseph Landiano

The Terraces at Court

Street

529 Court Street

25 condos 0 0 Developed by Freud

C o u r t S t r e e t

Properties LLC M a r k e t e d b y

Brooklyn Properties Financed by the

C o m m u n i t y

P r e s e r v a t i o n

Corporation Prices range from

$409,000 to $1.25

million

Court Street Lofts

505 Court Street


M e t r o p o l i t a n

Housing Partners

LLC and Apollo

Real Estate, which

describes itself as

an opportunistic

real estate investor Marketed by the

Corcoran Group

Prices range from$475,000 to over $1

million


RATE UNITS

M O D E R A T E -

INCOME UNITS

L O W -

I N C O M E

UNITS

NOTES

L3 Condominiums191- 193 Luquer

Street

12 condos 0 0

Developed by JCKeeler and Peter

Guthrie Marketed by the

D e v e l o p e r s

Group

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11 2ndPlace 7 condos 0 0 Developed by

HOF-2nd Place

LLC Marketed by the

Corcoran GroupCarroll Gardens West

73-75 Carroll Street


t h e B a s i l e

Builders Group Marketed by the


from $475,000

t o o v e r $ 1

million

Studio 322322 Hicks Street

6 condos 0 0 Developed byS e c o n d


Services Marketed by the


f r o m $ 1 . 1

million to $1.7

million

394 12th

Street 6 condos 0 0

Developed byMark Zeldin


RATE UNITS

M O D E R A T E -

INCOME UNITS

L O W -

I N C O M EUNITS

NOTES

Carriage House on

the Slope

231 15thStreet

24 condos 0 0 Deve l oped by

Jordan Goldman Marketed by the

Corcoran Group

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Trios Terrace Condos

105 15thStreet

14 condos 0 0 Deve l oped by

Alvin Cruz

198-210 16thStreet 32 condos 0 0 Deve l oped by

Mordechai and

Nathan Hirscha n d J o s e p h

Gruber M a r k e t e d b y

A g u a y o a n d

Huebner C o m p l e t i o n

e x p e c t e d b y

September 2006

Rose Hall

219 17thStreet

10 condos 0 0 Developed by On

T h e L e v e lEnterprises

Marketed by the


$ 5 1 0 , 0 0 0 t o

$895,000

485-487 18thStreet 7 condos 0 0 Deve l oped by

E u g e n e

Khavingson

M a r k e t e d b yA g u a y o a n d

Huebner C o m p l e t i o n

expected in 2006


RATE UNITS

M O D E R A T E -

INCOME UNITS

L O W -

I N C O M E

UNITS

NOTES

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The Sutherland

315 20thStreet


t h e B a s i l e

Builders Group Marketed by the

Corcoran Group352 21stStreet 8 condos 0 0 Developed by

V y a c h e s l a w

Faybyshev M a r k e t e d b y

A g u a y o a n d

Huebner

The Liberty

207 22ndStreet


John Polanca and

John DeSilva

M a r k e t e d b yA g u a y o a n d

Huebner

TOTALS 5467 201 266 5934

APPENDIX B. MAP

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36


ACORN, the Association of Community Organizations for Reform Now, is the nation's

largest community organization of low- and moderate-income families, working together

for social justice and stronger communities. Since 1970, ACORN has grown to more than

175,000 member families, organized in 850 neighborhood chapters in 75 cities across the

U.S. and in cities in Canada, the Dominican Republic and Peru.

ACORN's accomplishments include successful campaigns for better housing, schools,

neighborhood safety, health care, job conditions, and more.

ACORN members participate in local meetings and actively work on campaigns, elect

leadership from the neighborhood level up, and pay the organization's core expenses

through membership dues and grassroots fundraisers.

ACORN has constantly challenged the traditional notions of what a community

organization is, and its family of organizations includes two radio stations, a voterregistration network, a housing corporation, and several publications.

New York ACORN


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Researched and prepared by Joseph Catron, Doug Timmer and Ann Sullivan. Map

designed by Asher Ross. 2006 by New York ACORN.

New York ACORN

Documents

New York Acorn Sweetheart Development Report, March 2006