Slate Property Group and RiseBoro Community Partnership on Tuesday announced the acquisition and construction financing for two affordable housing developments in Williamsburg that will create 312 affordable and supportive housing units.
The project at 178 Montrose Ave. and 73 Meserole St. will reserve 60% of the apartments for formerly homeless households, while the remaining units will be available to low-income residents. Slate and RiseBoro are co-developing the buildings, with RiseBoro set to own and operate both properties upon completion.
The development will include 163 apartments at 178 Montrose Ave. and 149 apartments at 73 Meserole St., with layouts ranging from studios to three-bedroom units. Monthly rents will start at $1,339 for studios and $2,304 for three-bedroom apartments.
“Solving New York's housing crisis means building affordable homes in every neighborhood, including high-cost communities where this housing is most needed but rarely built,” said David Schwartz, co-founder and principal of Slate Property Group. “As one of the city's most expensive neighborhoods, Williamsburg has been out of reach for far too many working families. This project aims to fix that by delivering 312 units of affordable and supportive housing with access to jobs, transit, schools and other resources."
Residents will have access to community and administrative spaces, indoor and outdoor recreation areas, fitness facilities, laundry rooms, maintenance staff, on-site security and supportive services. The buildings are located near the L and G subway lines and the B43, B60 and B62 bus routes.
The project will increase the supply of affordable housing in Williamsburg, one of New York City's most expensive neighborhoods, while expanding access to supportive housing for formerly homeless New Yorkers. It also adds affordable homes in a transit-accessible area of Brooklyn.
The buildings will meet Enterprise Green Communities standards and include all-electric appliances, cooling systems and heat pump water heaters.
The development is financed through tax-exempt bonds and loans from the New York City Housing Development Corp. and the New York City Department of Housing Preservation and Development, along with construction financing from JPMorgan Chase. Additional funding includes Low-Income Housing Tax Credits, Brownfields Tax Credits and support through the New York City Department of Homeless Services' 15/15 program.
Construction is expected to proceed following the financing closing. Upon completion, RiseBoro will operate the buildings and provide on-site resident services.
