December 7, 2015
by Alex Lopez
Brooklyn, N.Y.—Renovations have been completed on the formerly vacant multifamily building on 570 Willoughby Avenue in Brooklyn, N.Y. The New York City Department of Housing Preservation and Development (HPD), New York City Council Member Robert E. Cornegy, Jr. (D-36), Neighborhood Restore Housing Development Fund Corporation and the Community Preservation Corporation (CPC) joined the Bridge Street Development Corporation to celebrate the finished product in their rehabilitation project.
Bridge Street Development and their team made extensive and necessary renovations including significant structural work, the replacement of all major systems, and the installation of all new windows and roofing. The total development cost of the property is approximately $1.72 million. The finished four-story building now includes one studio apartment, four one-bedroom apartments and three two-bedroom units. Each is affordable to low-income families and individuals with rents not expected to go any higher than $1,185 per month. The team is hoping to have the property fully rented by the end of this week.
HPD provided around $1.3 million in HOME Funds, CPC provided a $363,040 SONYMA-insured NYCERS permanent loan and the remaining balance of was provided by Bridge Street Development equity. The renovation of the building wouldn’t have been possible without the work of DP Group General Contracting.
“While the building itself may be small, the benefit of bringing the property back into good condition and preserving its affordability is a big win for the community,” said Rafael E. Cestero, president and CEO of the Community Preservation Corporation. “With the prevalence of small buildings throughout the City, it’s critical that we preserve properties like 570 Willoughby to help lock-in affordability in neighborhoods that are experiencing rapid growth and upward pressure. At CPC we’re committed to providing stable capital and innovative lending solutions to revitalize and preserve housing in underserved neighborhoods like Bed-Stuy. I thank HPD, Neighborhood Restore, Bridge Street, and SONYMA for their partnership in transforming a blighting influence into a resource of affordability.”