CAMBA Housing Ventures Tops Out $238M Affordable Brooklyn Project
The property is part of New York State's $1.4 billion Vital Brooklyn initiative.
CAMBA Housing Ventures has topped out the 328-unit Clarkson Estates, a $238 million affordable housing project in Brooklyn, N.Y. Completion is slated for the summer of 2026.
The development team includes CetraRuddy Architecture, Starr Whitehouse Landscape Architects and Planners PLLC, and Bruno Frustaci Contracting. CAMBA broke ground on the asset in 2023.
Clarkson Estate will have units reserved for residents earning up to 30, 40, 50, 60 and 70 percent of the area median income. Additionally, half of the units will receive rental subsidies and supportive service funding.
The transit-oriented project is at 329 Clarkson Ave., in the Flatbush neighborhood, on the site of a former parking garage. Downtown Brooklyn is 4 miles away, while Prospect Park can be found within 1 mile.
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Upon completion, the nine-story Clarkson Estates will encompass studio and one- to three-bedroom floorplans. Amenities are set to include rooftop terraces, a children’s playroom, a gym and bike storage, among other features.
Roughly 30,000 square feet will be dedicated to hosting supportive services, including economic and workforce development, adult education and financial literacy, violence mediation and prevention, as well as a food pantry, among others.
The project is part of New York’s $1.4 billion Vital Brooklyn initiative, which sets out to invest in eight central borough areas, improving various aspects from healthcare to housing. Addressing the affordable housing supply challenges, the program aims to create 4,000 income-restricted homes.
Clarkson Estates marked CAMBA’s second development under the initiative. Its first is also under construction—a 57-unit workforce and supportive project—in the Bedford-Stuyvesant neighborhood, roughly 3 miles away.
Funding an affordable project in Brooklyn
The capital stack for the project included financing from New York State Homes and Community Renewal’s Clean Energy Initiative and the Federal Home Loan Bank of New York Affordable Housing Program, as well as HSBC Bank and Goldman Sachs.
New York State Housing Finance Agency and New York State Office of Temporary and Disability Assistance, together with Empire State Supportive Housing Initiative, provided additional funding. CREA assisted with LIHTC syndication.
Brooklyn’s affordable pipeline retains momentum
Brooklyn developers had 19 fully affordable projects—encompassing more than 4,900 units—underway as of April, according to Yardi Matrix data. The figure made up 19.2 percent of the entire multifamily under-construction pipeline.
Last year, north of 2,400 units came online inside income-restricted communities, nearly double the amount recorded in 2023, the data provider shows. The forecast for 2025 reveals the momentum is set to continue, as nearly 2,300 units in affordable projects are scheduled to come online, should market conditions hold.
Among the affordable multifamily projects that reached completion last year was the second phase of Coney Island II, developed by BFC Partners, L+M Development and Taconic Investment Partners. The third and final stage is set to add 430 income-restricted units in 2027.
