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NYC Department of Housing Preservation & Development
Press Room

FOR IMMEDIATE RELEASE

February 13, 2003

Press Contacts:
HPD -- Carol Abrams (212) 863-5176
New York City Housing Partnership -- Bud Perrone (212) 843-8068 (Rubenstein Associates, Inc.)
To request a homeownership kit, call 311.
Click here for HPD's lists of affordable homes

COLUMBIA GARDENS DEVELOPMENT COMPLETED IN CARROLL GARDENS

Housing Officials, Community Leaders and Residents Celebrate Completion of Condominiums, Townhouses and Retail Space

Brooklyn, NY - First-time homeowners, community leaders and a unique partnership of private and public officials today celebrated the completion of Columbia Gardens, a development of 24 condominiums, retail space and eight townhouses in the Carroll Gardens section of Brooklyn.

The $9.1 million development, located along Columbia Street between Kane and Woodhull Streets, is the last phase of the planned residential development in Carroll Gardens, which began nearly 20 years ago. Columbia Gardens is part of the New Homes Program, a joint initiative of the New York City Housing Partnership and the New York City Department of Housing Preservation and Development. The program provides affordable housing to first-time homebuyers while boosting community economic development in New York City neighborhoods. The project also includes 7,300 square feet of retail space in six storefronts.

"Columbia Gardens is a beautiful addition to this historic neighborhood," said Kathryn S. Wylde, President and CEO of the Partnership for New York City, the parent organization of the New York City Housing Partnership. "Together with our partners in the public and private sectors, the Housing Partnership is proud to help provide housing and economic development opportunities."

Added HPD Commissioner Jerilyn Perine: "New Yorkers all want the same things: safe, viable neighborhoods with quality affordable housing that is convenient to schools, shops, services and places to play and work. We at HPD are happy to make this a reality for the residents of Carroll Gardens' newest development."

Columbia Gardens homes were available to buyers with household earnings between $36,000 and $75,000. In addition to City subsidies, the New York State Affordable Housing Corporation provided subsidies totaling $240,000 to help reduce the cost of the condominiums.

"The New York State Affordable Housing Corporation is committed to helping hard working New Yorkers become homeowners," said Stephen J. Hunt, President and CEO of AHC. "AHC's grant of $240,000 is an investment not only in the families who will become first-time homeowners, but in the Carroll Gardens neighborhood as well."

The Office of Brooklyn Borough President Marty Markowitz contributed $264,000 to the project. Citibank provided a $6.7 million construction loan.

"We are truly pleased to be a part of the public-private partnership that has brought the Columbia Gardens project to fruition," said Andrew Ditton, Director of Citibank's Center for Community Development Enterprise. "We are committed to making communities better places to live and to do business in, and our Columbia Gardens project reflects that commitment. We are confident that those who purchase these 32 new homes, along with the new retailers, will be enriched by their newly redeveloped Carroll Gardens community and their new neighbors."

"This is such a great day for Carroll Gardens and the rest of Brooklyn," said Borough President Marty Markowitz. "One of my primary goals in office is to help create more affordable housing throughout the borough, and Columbia Gardens is a great example of the kind of innovative, public and private sector collaboration that is desperately need to address this continuing crisis. Giving more Brooklynites the ability to achieve the American dream by purchasing their first homes will also help sustain the economic renaissance that is happening all over Brooklyn."

Columbia Gardens includes six one-bedroom and 18 two-bedroom condominiums, which sold for an average of $184,742. The first new owners will move in later this month. The four two-family and four three-family townhouses sold for between $359,291 and $524,456 and have been occupied since July. The homes remained affordable in part because buyers were able to use rental income to help qualify for mortgages. Each unit includes high ceilings, finished oak floors, ceramic tile bathrooms and a dishwasher. The three-family townhouses included garages, and private outdoor spaces.

Columbia Gardens was developed by Strategic-Columbia Enterprises, LLC and sponsored locally by the Carroll Gardens Association.

The New York City Housing Partnership promotes development of affordable housing, revitalization of neighborhoods and expanded participation by local residents and entrepreneurs in the economic benefits of community development. The Housing Partnership was established in 1982 by the Partnership for New York City - formerly known as the New York City Partnership & Chamber of Commerce - (www.nycp.org) and has since sponsored the construction or rehabilitation of more than 27,000 units of housing.

HPD's mission is to promote quality housing and viable neighborhoods for New Yorkers. The department is the nation's largest municipal housing development agency. Since Fiscal Year 1987, the agency has completed the construction or rehabilitation of 204,000 units of affordable housing. To request a Homeownership Kit, call HPD's Information Line at (212) 863-8000. For more information about affordable rental housing, call HPD's Affordable Housing Hotline at (212) 863-5610 or log on to www.nyc.gov/hpd.




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