New Affordable Rental Units Available in Bedford-Stuyvesant

By Veronica Grecu, Associate Editor A new affordable housing complex was inaugurated last week in Brooklyn’s Bedford-Stuyvesant neighborhood during an official ceremony attended by representatives of the New York City Department of Housing Preservation and Development (HPD), development partners and residents. Created as part of Mayor Michael Bloomberg’s New Housing Marketplace Plan, which aims to [...]

A new affordable housing complex was inaugurated last week in Brooklyn’s Bedford-Stuyvesant neighborhood during an official ceremony attended by representatives of the New York City Department of Housing Preservation and Development (HPD), development partners and residents.

Created as part of Mayor Michael Bloomberg’s New Housing Marketplace Plan, which aims to spend nearly $8.5 billion to finance 165,000 units of affordable housing for 500,000 low-income New Yorkers by the end of fiscal year 2014, the development replaced seven vacant lots owned by the city.

The $15.3 million Madison Putnam, located at 934 & 926 Madison St. and 1007, 1013, 1023, 1052 & 1054 Putnam Ave., consists of 13 one-bedroom, 27 two-bedroom and 7 three-bedroom rental units designated affordable for families below 60 percent of the Area Median Income (or $49,800 for a family of four). 10 more units will be available to families below 40 percent Area Median Income (or $32,040 for a family of four), according to an official statement released by HPD.

Designed by RKT&B Architects, the project utilizes an efficient and cost-effective infill housing prototype that fits R-6 zoning requirements, which is found especially in residential areas such as Brooklyn, Queens and the Bronx. Each of the seven separate residential buildings is four stories high with access to a rear garden for residents.

Asking rents in New York City have risen 2.9 percent to $1,595 per month in 2012, while effective rents have reached peak levels of $1,529 per month—marking a growth rate of 3.5 percent—according to a recent market report by Marcus & Millichap. Rents in Brooklyn are expected to increase considerably, as young professionals looking for more affordable living space will target this neighborhood.

For more market data on New York City, click here.

Image credits to NYC Department of Housing Preservation & Development (HPD) Facebook Page; chart courtesy of Marcus & Millichap.