BFC Partners Opens Brooklyn Affordable Community
The two buildings are part of the Bedford-Union Armor redevelopment.
Co-developers BFC Partners and NYCEDC have opened 1101 & 1089 President St., a mixed-use housing community in the Brooklyn borough of New York City.
The community comprises two buildings with 250 affordable apartments, designated for residents earning between 30 and 60 percent of the area median income.
The two buildings designed by Marvel Architects are part of the Bedford-Union Armory redevelopment, a project which will deliver approximately 415 residential units, a 67,000-square-foot recreational facility, 118 parking spaces and commercial space.
The New York City Department of Housing Preservation and Development funded a $168.3 million construction loan, in addition to a $19 million construction loan provided by Wells Fargo, according to Yardi Matrix data.
The community, situated in an Opportunity Zone in the Crown Heights neighborhood, offers immediate access to numerous retail, dining and entertainments options. Prospect Park, Downstate Medical Center and Brooklyn College are within 3 miles of the property.
1089 President St.
The property at 1089 President St. was developed through the Extremely Low & Low-Income Affordability Program of the New York City Housing Development Corp., the NYC Department of Housing Preservation and Development and the Mandatory Inclusionary Housing Program of HPD.
The property incorporates studios, one-, two- and three-bedroom apartments with amenities such as washers and dryers and energy-efficient appliances. A percentage of the units are set aside for mobility–disabled and vision/hearing-disabled residents. The 2, 3, 4, and 5 metro lines are within walking distance of the community.
1101 President St.
Also known as The Arch, 1101 President St. is the larger of the two residential buildings of the Bedford-Union Armory redevelopment. The 16-story building will comprise 323 apartments, with approximately 160 units set aside as affordable. The apartments feature oversized windows, stainless steel appliances and in-unit washers and dryers. Common-area amenities include a fitness center, a business center, a swimming pool, a laundry room, private patios or balconies, a lounge and a rooftop terrace.
MNS Real Estate will manage the community. Yardi Matrix data shows that the property is subject to 99-year unsubordinated net ground lease held by the city.