Slate Property Group and RiseBoro Community Partnership have secured financing for the construction of 312 affordable housing units in Williamsburg, Brooklyn. The joint venture, known for its contribution to the redevelopment of Willets Point, Queens, closed a loan totalling US$162.9 million. This loan is intended to facilitate the construction of two projects at 178 Montrose Avenue and the nearby 73 Meserole Street, as announced by the developers.
The loan was provided by J.P. Morgan Chase and arranged by the New York City Housing Development Corporation (HDC). It is earmarked for the construction of 163 units at 178 Montrose Avenue and 149 units at 73 Meserole Street. Approximately 60 percent of the units are reserved for formerly homeless individuals, underscoring the project's social focus.
David Schwartz, co-founder of Slate Property Group, commented on the necessity of the project. He stated that addressing New York's housing shortage requires the construction of affordable housing in every neighbourhood, particularly in expensive communities where this need is greatest but such housing is rarely built. He highlighted that Williamsburg, as one of the city's most expensive neighbourhoods, had been unattainable for many working families.
The properties were acquired from Two Trees Management for merely US$2. Slate and RiseBoro agreed that the firm led by Jed Walentas would retain the air rights, according to the buyers. Rental prices in the development are expected to range from US$1,339 per month for a studio to US$2,304 per month for a three-bedroom apartment, as stated by Slate and RiseBoro.
The projects will be equipped with various amenities. These include outdoor and indoor recreational facilities, a fitness centre, and an on-site laundry. Additionally, the buildings will offer social services, including spaces for administrative support for residents.
Schwartz and his co-founder Martin Nussbaum have initiated numerous affordable housing projects across all five boroughs. Particularly noteworthy is their partnership with New York Mets owner Steve Cohen and Hard Rock International. There, 450 affordable housing units are planned as part of their casino development near Citi Field.
