BRP Cos. to Create Affordable Housing in Brooklyn
- Sep 23, 2016
New York—Leading affordable housing developer BRP Cos. has announced it intends to preserve and create 710 units of affordable housing in East New York. The $200 million project includes the full renovation of 468 units, as well as 242 units which are currently under construction.
BRP Cos. recently celebrated the development at a groundbreaking held at the Livonia Avenue site of the new units. The project will create 30,000 square feet of much-needed community and retail space.
Attending were BRP Cos. Co-founders and Managing Partners Meredith Marshall and Geoff Flournoy, Commissioner Vicki Been of the NYC Department of Housing Preservation and Development (HPD), NYC Housing Development Corp. President Gary Rodney and New York City Public Advocate Letitia James. Also in attendance were Assemblyman Charles Barton, Councilman Rafael Espinal and residents who lived in East New York during the preservation and renovation.
“In many ways, Livonia Commons (L2) and the East New York Resyndication Project represent the multifaceted nature of HPD’s work, both in East New York and across the broader city as a whole,” Been said. “The unifying factor is our bottom line–keep homes affordable and in good condition, and create new affordable opportunities for more New Yorkers.”
Added Rodney: “This second phase of construction of Livonia Commons and completion of the East New York Resyndication project reinforces our long-standing commitment toward reinventing a neighborhood that has for too long been neglected.
“By combining preservation and new construction, we are ensuring that large quantities of housing not only remain affordable to the community, but that they are rehabilitated to a high quality that the community deserves. Livonia Commons demonstrates a true culmination of the types of projects I have striven to build in collaboration with all of our dedicated partners, including BRP Cos., during my time with HDC.”
BRP’s East New York Portfolio is comprised of 63 buildings originally constructed in the 1990s, featuring a combined 468 units. Its rehabilitation was completed in 18 months. The buildings had fallen into disrepair, and suffered from leaking roofs, cracked foundations and black mold. BRP’s renovation work made the buildings more secure and energy efficient. The renovation of the apartments was completed in early 2015. They are affordable to low-income households earning no more than $48,960 for a family of three.
BRP Cos. acquired the East New York Rental Portfolio two and a half years ago, using more than $90 million in equity and debt financing from Goldman Sachs and additional financing from HPD and HDC.
Image courtesy of BRP Cos.