Real Estate Development
436 Putnam Avenue | view more before/after photos>
Today, BSDC is working to renovate 570 Willoughby Avenue, an 8 unit apartment building and a brand new 100-unit, mixed-income building on Myrtle Avenue that will feature 10,000 square feet of street level commercial space. Currently in the pre-development phase, this building is slated to be complete in 2016.
Past ProjectsQuincy Senior Residence, 625 Quincy Street - 2006
Quincy Senior Residence is a 93 unit new construction apartment building for seniors, funded primarily through low income housing tax credits. While not an assisted living facility, there are programs to enrich the lives of seniors, such as computer training, cooking clubs, and dance classes. Amenities including a community room, kitchen, and computer lab make it possible not only to meet the tenants’ needs, but to provide services to the larger community within the neighborhood as well.
Funding sources include NYC Department of Housing Preservation and Development, NY State Housing Trust Fund, Community Preservation Corporation (CPC), with tax credits syndicated by Richmond Group. The income limit is 50% AMI, with rents ranging from $300 to $550 a month.
Total Development Cost: $14.8 million
Joshua Court, 300 Putnam Avenue - 2009
Joshua Court came to us through the city’s 7a Program as a Third Party Transfer. The 52 unit building was in rough shape and had become a blight on the neighborhood. BSDC rehabilitated all the units, replacing the kitchens and bathrooms, installed a new elevator and trash compactor, upgraded the electrical and lighting systems, and upgraded security features through cameras and a security guard. The building incorporates some energy efficiency systems, such as a new gas powered hot water heating system, and a solar thermal pre-heating system, which is estimated to save $12,000 annually. About half of the original tenants were able to return to the building after the rehab. The building has been completely turned around, becoming an asset to the neighborhood.
Funding sources include NYC Department of Housing Preservation and Development, Low Income Housing Tax Credits syndicated through LISC/NED, Community Preservation Corporation, and the US Department of Housing and Urban Development. The income limit is 80% AMI, with 46 subsidized units raging from $268-$776 per month, and 5 non-subsidized units ranging from $1100–$1250 a month. Read more about the project >>
Total Development Cost: $11.1 million
Noel Pointer Court, 790 Lafayette Avenue - 2013
Noel Pointer Court is our latest project, made possible through NYC HPD’s Cornerstone program. This 23-unit new construction project features green building best practices, such as a green roof, bamboo floors, water conserving fixtures, energy star appliances, low volatility paint, energy efficient lighting, and landscaping using drought-resistant native species. One of the key amenities for residents in densely populated central Brooklyn is the spacious rear yard, with benches, lawn, and several trees. Tenants can enter the rear yard and the front entrance through an electronic entry system. There are fifteen two-bedroom units and eight one-bedroom units.
Funding came from HPD Capital and HOME subsidies, tax credits syndicated through LISC/NEF, TD Bank, The Dormitory Authority, Federal Home Loan Bank, and the Community Preservation Corporation. The income limit is 60% AMI or below. Rents range from $660 to $979 a month. Read more about the project >>
Total Development Cost: $9.2 million
Green Building and Rehabilitation
BSDC has also expanded its goals to include implementing green elements in our projects. The first of these projects was the rehabilitation of 300 Putnam Avenue, a 53 unit apartment building. When we took over the Section 8 building in 2007, it had no running water, no gas and no operable elevator. Our plans included not only rehabilitation but the installation of a green roof and solar panels.
On two of our other projects, we are seeking the highest level LEED certification, from the U.S. Green Building Council (USGBC). A platinum rating is the highest level of certification for a building that has been built or rehabilitated with environmentally responsible materials—such as low-emitting paints, non-metal finishes, and bamboo floors—and fitted with energy-conserving systems.
"BSDC's goal is to develop and preserve affordable housing that is as green and sustainable as we can make it," says CEO Rhonda Lewis. "We plan to use the most latest green technology available to meet that goal."
To view available units, click For Sale or Rent.