Bridge Street & Partners Cut the Ribbon on 8 More Affordable Apartments

Ribbon cutting pic

Brooklyn, New York – 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) join the Bridge Street Development Corporation and partners to celebrate the completion of the substantial rehabilitation of 570 Willoughby Avenue in the Bedford-Stuyvesant area of Brooklyn.

“The rehabilitation of these eight apartments is as important to our mission to make New York City affordable for all as any of the larger developments we finance,” said HPD Commissioner Vicki Been. “Each individual unit we celebrate represents a home for a family or individual who needs one. I would like to thank the Bridge Street Development Corporation, our partners at Neighborhood Restore and all of our development partners for putting this property back to good use.”

“When thinking of affordable housing, many people immediately conjure an image of towering, impersonal housing projects with hundreds of apartments,” says Emilio Dorcely, President & CEO of Bridge Street Development Corporation. “570 Willoughby, in contrast, is a 4-story, 8-unit building with 1 studio, 4 one-bedroom, and 3 two-bedroom apartments. Each apartment contains high quality materials, finishes, and appliances. This is not institutional housing – this is a place residents can be proud to call home.”

“We are proud to have partnered with HPD, Bridge Street and CPC on this project; creating new affordable housing units by rehabilitating this long-derelict building located in the heart of Bedford Stuyvesant, Brooklyn.” said Salvatore D’Avola, Executive Director of Neighborhood Restore.

“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.”

Bridge Street Development and the development team made necessary renovations including significant structural work, the replacement of all major systems, and the installation of all new windows and roofing. As a result of these efforts, the four-story masonry building now includes one studio apartment, four one-bedroom apartments, and three two-bedroom apartments. All apartments are affordable to low-income families and individuals with rents not expected to exceed $1,185 per month. The eight-unit property is expected to be fully rented this week.

The total development cost of 570 Willoughby Avenue is approximately $1,725,056. HPD provided approximately $1.3 million in HOME Funds. The Community Preservation Corporation provided a $363,040 SONYMA-insured NYCERS permanent loan. The remaining balance of the project financing was provided by Bridge Street Development Corporation equity. The rehabilitation of this project would not have been possible without the work of DP Group General Contracting.

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New York City Department of Housing Preservation and Development (HPD):

The New York City Department of Housing Preservation and Development (HPD) is the nation’s largest municipal housing preservation and development agency. Its mission is to promote quality housing and diverse, thriving neighborhoods for New Yorkers through loan and development programs for new affordable housing, preservation of the affordability of the existing housing stock, enforcement of housing quality standards, and educational programs for tenants and building owners. HPD is tasked with fulfilling Mayor de Blasio’s Housing New York: A Five-Borough Ten-Year Plan to create and preserve 200,000 affordable units for New Yorkers at the very lowest incomes to those in the middle class. For more information visit www.nyc.gov/hpd and for regular updates on HPD news and services, connect with us via www.facebook.com/nychpd and www.twitter.com/nychousing.

Neighborhood Restore Housing Development Fund Corporation (Neighborhood Restore):

Neighborhood Restore was formed in 1999 to administer the New York City Department of Housing Preservation and Development’s (HPD) Third Party Transfer program (TPT). Through the TPT Program, Neighborhood Restore develops and ensures the maintenance of safe and affordable housing in New York City by overseeing the stabilization, management and rehabilitation planning of distressed tax foreclosed properties. Through TPT, Neighborhood Restore has supported the creation and preservation of affordable housing in New York City by transitioning multifamily buildings back into active use and increasing the quantity and quality of rental housing. Since its formation, Neighborhood Restore has successfully preserved over 7,000 units of affordable housing in over 500 buildings throughout New York City.

Please visit the organization website for more information: www.neighborhoodrestore.com

About the Bridge Street Development Corporation (BSDC):

Bridge Street Development Corporation (BSDC) is a faith-based, 501(c)(3) not-for-profit organization the mission of which is to build partnerships with businesses, government, and other community stakeholders to provide civic and economic opportunities to the residents of Central Brooklyn.

The organization vision is to preserve Bedford-Stuyvesant and the adjacent neighborhoods of central and eastern Brooklyn as a desirable neighborhood for raising families, owning businesses and taking part in rich cultural, spiritual and recreational opportunities. The BSDC motto, “Building on Community Strength,” describes the group’s core belief that the most effective way to improve a community is to develop and promote local assets, including people, homes, businesses, and organizations.

Please visit the organization website for more information: www.bsdcorp.org

About The Community Preservation Corporation, Inc. (CPC):

The Community Preservation Corporation, Inc. (CPC) is a non-profit lender providing reliable capital to underserved neighborhoods throughout New York State since 1974. A nationally recognized leader in affordable housing finance, CPC is committed to deliver financing and technical expertise, and to working with community partners to create and preserve affordable housing. To date, CPC has invested more than $9 billion in over 159,000 units of housing. For more information, please visit www.communityp.com

This press release was kindly provided by the NYC Department of Housing Preservation and Development.