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A $67M Mixed-Use Project Grows In Brooklyn

NEW YORK CITY-Financing is secured for a multifamily, green dwelling offering affordable and market rate housing along Manhattan Avenue.

By Rayna Katz | Updated on December 26, 2012

NEW YORK CITY-The NYC Housing Development Corp. and Goldman Sachs—together with the Domain Cos.—have announced in a release the financing of 1133 Manhattan Ave., a mixed-use development in Greenpoint, Brooklyn. The $67-million project involves the rehabilitation of a Brownfield cleanup site and creation of a new LEED Silver for Homes targeted building featuring 210 affordable, moderate-income and market rate apartments with retail stores along Manhattan Avenue.

The new construction will be done under Mayor Michael R. Bloomberg‘s New Housing Marketplace Plan, a multi-billion dollar initiative to finance 165,000 units of affordable housing for half a million New Yorkers by the end of FY2014. For every dollar invested by the city, the plan has leveraged $3.42 in additional funding, providing a total commitment of more than $21 billion to fund the creation or preservation of more than 142,800 units of affordable housing across the five boroughs, according to the release.

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