Haussmann Development has closed on a $38.5 million construction loan for 827 Sterling Pl. in Crown Heights last week. The seven-story project will feature 76 units of rental housing, including 23 affordable homes financed through the former 421-a tax abatement program. The new building will also have a parking garage and a full complement of resident amenities.
“827 Sterling builds on our recent success in Harlem and our strategy of providing much-needed housing in neighborhoods throughout New York City,” said Josef Goodman, Principal of Haussmann Development in a press release.
“We are facing a housing crisis, and we will not be able to address that issue without robust development of all types in every corner of our city. There’s a scarcity of new, high-quality rental housing in central Crown Heights and we look forward to providing 76 new homes for New Yorkers in one of its best neighborhoods.”
Demolition work has already taken place at the site and the final project will be completed by the summer of 2025. The total development cost of the project is $55 million.
827 Sterling will include studios, one- and two-bedroom apartments. Resident amenities will include a fitness center, resident lounge, kid’s room, bike storage, roof deck and on-site parking. The project is located within walking distance of two major transit options, the Nostrand Avenue 2/3/4 Subway station and the Nostrand Avenue Long Island Railroad station.
“Crown Heights is an amazing community with a wonderful history, and we are proud to be a part of this neighborhood’s bright future,” said Jake Sokol, head of acquisitions and capital markets at Haussmann Development. “We look forward to developing quality, diverse housing at 827 Sterling and continuing our growth as one of the premiere housing developers in New York City.”
