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NYC Department of Housing Preservation & Development

FOR IMMEDIATE RELEASE
Thursday, September 3, 2009

Eric Bederman 212-863-5176


HPD, HDC JOIN DUNN DEVELOPMENT, ACORN AND ELECTED OFFICIALS TO CUT RIBBON AT NEW AFFORDABLE HOUSING DEVELOPMENT IN BROOKLYN

Atlantic Avenue Apartments in Brooklyn’s Bedford-Stuyvesant Neighborhood Comprise 150 New Units

Building only the sixth high-rise multifamily in country to receive ENERGY STAR label

Brooklyn, NY - New York City Department of Housing Preservation and Development (HPD) Commissioner Rafael E. Cestero and New York City Housing Development Corporation (HDC) Senior Vice President for Development Joan Tally joined Martin Dunn, President of Dunn Development Corp. and Pat Boone, President of NY ACORN, and Hazel DaSent, NY ACORN Housing Company, for a ribbon cutting today at 1825 Atlantic Avenue in the Bedford-Stuyvesant neighborhood in Brooklyn to unveil the newly completed Atlantic Avenue Apartments. The Atlantic Avenue Apartments is a 7-story elevator building providing 150 units of housing. At least a dozen of those units will be reserved for adults with developmental disabilities. Other distinguished guests also in attendance for today’s ribbon cutting included New York State Division of Housing and Community Renewal Commissioner (DHCR) Deborah Van Amerongen, State Senator Velmanette Montgomery, State Assembly Member Annette Robinson, Council Member Darlene Mealy, and New York State Energy Research and Development Authority (NYSERDA) Director of Energy Programs, Michael Colgrove . The creation of affordable housing in neighborhoods across New York City is part of the City's Five Borough Economic Opportunity Plan to create jobs for New Yorkers today, implement a vision for long-term economic growth and build affordable, attractive neighborhoods.

“Through HPD’s collaboration with Dunn Development and ACORN, and with the support of our elected officials, this development will add to the vitality the Bedford-Stuyvesant community,” said HPD Commissioner Cestero. “The Atlantic Avenue Apartments exemplify the best of our mission to provide New Yorkers with quality, safe, affordable housing that works across income levels, while serving the broad needs of the community. This development can offer a fresh start for current and future residents, provide piece of mind for the area’s hardworking parents seeking quality daycare, and offer a new opportunity at independence for disabled adults who deserve a chance to live with respect and dignity.” 

“Working together with HPD, HDC, DHCR and NYSERDA we wanted to show that it’s possible to build a beautiful building, make it highly energy efficient and still provide affordable rents and serve a diverse group of people,” said Martin Dunn, President of Dunn Development Corp.  “Atlantic Avenue Apartments has achieved that vision.”

Atlantic Avenue Apartments is a newly constructed 7-story elevator building providing 150 units of housing to low- and moderate-income residents. In addition to amenities such as laundry facilities, a community room, and utility and storage space, the building also features a landscaped patio and children’s play area in the rear yard, along with a surface parking lot. The building is located in Brooklyn Community District 3, where 2,668 units of affordable housing have already been financed under Mayor Bloomberg’s New Housing Marketplace Plan.

“Congratulations to Dunn Development for their efforts once more to provide affordable supportive housing in the 56th Assembly District,” said State Assembly Member Annette Robinson. “They have demonstrated their ability to get the job done.”

“For Years, ACORN and NY ACORN Housing have been fighting to see vacant land in Brooklyn turned into affordable housing for families in the community, instead of being auctioned off for the development of high-end properties out of range for community residents,” said Pat Boone, President of NY ACORN. “This project represents the embodiment of the values ACORN and NY ACORN Housing Company have been pushing for at the policy level in NYC; we are thrilled at the collaboration with HPD, HDC, and Dunn Development on this groundbreaking project.”

Twelve of the new apartments in this building are for adults with developmental disabilities referred by the New York State Office of Mental Retardation and Development Disabilities (OMRDD). Rental subsidies and service funding are provided by OMRDD through a contract with the Brooklyn Bureau of Community Service, a non-profit organization which will provide on-site support services to the adults in these units. The organization will also operate a licensed day care center that occupies approximately 6,200 square feet of community facility space.

“DHCR is proud to have joined Dunn Development, ACORN and the City of New York to help make Atlantic Avenue Apartments a reality,” said DHCR Commissioner Deborah VanAmerongen.  “This attractive development brings new life to a long-vacant lot and will provide affordable homes to low-income families and housing with clinical services to people with developmental disabilities.”

Atlantic Avenue Apartments was developed on vacant land, with a portion formerly owned by the City of New York and a portion owned by the developers. Dunn Development Corp. and New York ACORN Housing Company, Inc. have joined to co-sponsor the project, and ACORN will also serve as the property manager. SLCE Architects designed the project and HLS Builders Corp. is the general contractor.  NYSERDA provided $300,000 in incentives to support energy efficiency improvements that will make the building perform 20% better than code. The building will earn the ENERGY STAR label and is only the sixth high-rise multifamily building in the country to receive that award.  Some efficiency measures include a condensing boiler, increased wall and roof insulation, low-flow fixtures, efficient lighting systems and ENERGY STAR® appliances.  Dunn Development Corp. was the developer of the first ENERGY-STAR-rated mid- or high-rise apartment building in the country.

“Investments in projects such as the development of Atlantic Avenue Apartments are key to meeting Governor David A. Paterson’s ‘45 by 15’ initiative,” said Francis J. Murray Jr., President and CEO of NYSERDA.  “I commend all who have played a role in making this project a reality. The benefits gained through the energy efficiency upgrades implemented at Atlantic Avenue Apartments will result in impressive energy savings and a more comfortable living environment for the residents.”

“Making the highest and best use of this land took a great team with vision and experience. This is a mixed-use development in the strongest sense – there is space for children, for families and for disabled adults,” said HDC Senior Vice President Joan Tally.  “ACORN and Dunn Development have created homes for a new community on this formerly vacant and blighted site. This community will strengthen and stabilize this neighborhood in keeping with the ideals and goals of the Mayor’s New Housing Marketplace plan. I applaud the team – for-profit, not-for-profit and government working together to make life better for New Yorkers.”

“I am proud to join you today to celebrate the latest achievement in Dunn Development's proud history of developing affordable and supportive housing for our community. I am privileged to represent a number of projects developed by Dunn Development. Our community desperately needs affordable housing; and I am grateful to Dunn Development and ACORN for their vision for setting this example for the rest of the housing development community,” said State Senator Velmanette Montgomery

The $39.6 million dollar project was financed in part through $20 million in tax-exempt bonds from HDC. The letter of Credit was provided by JP Morgan Chase Bank. HDC also provided $9.335 million in subsidy in the form of a second mortgage. HPD provided an $8.92 million third mortgage utilizing City Capital funds and New York City Housing Trust Fund monies.  The project also received $15.53 million in tax credit equity that was syndicated through Richman Housing Resources with Bank of America as the investor.

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NYC Department of Housing Preservation and Development (HPD)

HPD’s mission is to promote quality housing and viable neighborhoods for New Yorkers. It is the nation’s largest municipal housing preservation and development agency. Responsible for implementing Mayor Bloomberg’s New Housing Marketplace Plan to build and preserve 165,000 units of affordable housing. HPD also actively promotes the preservation of affordable housing through education, outreach, loan programs and enforcement of housing quality standards. For more information, visit www.nyc.gov/hpd.

NYC Department of Housing Development Corporation (HDC)

The New York City Housing Development Corporation (HDC) provides a variety of financing programs for the creation and preservation of multi-family affordable housing throughout the five boroughs of New York City.  Our programs are designed to meet the wide-range of affordable housing needs of the City's economically diverse population. 

 New York City’s Five Borough Economic Opportunity Plan

The Five Borough Economic Opportunity Plan is a comprehensive strategy to bring New York City through the current economic downturn as fast as possible. It focuses on three major areas: creating jobs for New Yorkers today, implementing a long-term vision for growing the city's economy, and building affordable, attractive neighborhoods in every borough. Taken together, the initiatives that the City has launched to achieve these goals will generate thousands of jobs and put New York City on a path to economic recovery and growth. 




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