JV Opens Brooklyn Affordable Housing
- Mar 01, 2019
A joint venture between RAL Development Services, Oliver’s Realty Group and Brooklyn Bridge Park have opened 15 Bridge Park Drive, a new affordable rental community at Pier 6 in Brooklyn Bridge Park.
“In New York City, we’re preserving and building affordable housing at rates that far outpace any other city and even most states. New York City has been a leader in the creation of affordable housing and we are proud to celebrate the opening of another 100 affordable units here in Brooklyn,” said Deputy Mayor Alicia Glen, in a prepared statement.
The 15-story building offers 100 affordable and 40 market rate units to the neighborhood. The community will serve residents earning less than 80, 130 and 165 percent of the area median income. Common area amenities include a fitness center, playground and rooftop terrace. Nearby transportation options include the A, C, F, G, N, R, W, 2 and 3 subway lines. Residents are within close proximity to downtown Brooklyn, which offers an array of restaurants, retail and entertainment options.
This asset is one of two developed by RAL and Oliver’s Realty Group at Pier 6. The 15 Bridge Park Drive community was designed by ODA Architects, the same architecture studio that worked on The Rheingold, another Brooklyn development that recently reached a 60 percent leased milestone. Construction was handled by Suffolk.
“We’re incredibly excited to open 15 Bridge Park Drive because we believe it sets an example of what affordable housing can be,” said Spencer Levine, managing director of RAL Development Services, in prepared remarks. “The property offers everything that a fully market rate building does, in a practically unmatched location with easy access to all the amenities that make the Brooklyn waterfront great.”
Image courtesy of RAL Development Services