Celebrated for its Green Design, Atlantic Terrace Adds 80 Co-op Units to the Fort Greene Neighborhood of Brooklyn
New York, NY – NYC Deputy Mayor for Economic Development Robert K. Steel, NYC Department of Housing Preservation and Development (HPD) Commissioner Mathew M. Wambua, NYC Housing Development Corporation (HDC) President Marc Jahr, NYS Homes and Community Renewal (HCR) Commissioner and CEO Darryl C. Towns, and other officials joined Michelle de la Uz, Executive Director of the Fifth Avenue Committee (FAC) today to announce the opening of Atlantic Terrace. Located at 212 South Oxford Street, the award-winning development creates 80 affordable, mixed-income co-op units in the Fort Greene neighborhood of Brooklyn.
"This remarkable new development not only adds 80 new affordable co-op units to the 130,770 units we've financed under the Mayor's housing plan, it gives New Yorkers the opportunity to put down roots in this neighborhood as new homeowners," said Deputy Mayor Robert K. Steel. "Atlantic Terrace is yet another crucial piece in the Administration's revitalization of Downtown Brooklyn. From projects like NYU’s expansion at 370 Jay Street to the opening of the Barclays Center, it is clear that our commitment and that of our partners, is helping to transform this neighborhood into a center for economic growth and opportunity. I thank HPD, HDC, the Fifth Avenue Committee and all of our partners for helping to create a stronger and more affordable New York for everybody."
“Under Governor Andrew Cuomo’s leadership, New York State’s housing agencies are proud to be among those who provided the resources that helped make this happy day possible,” said New York State Homes and Community Renewal Commissioner/CEO Darryl C. Towns. “The Affordable Housing Corporation (AHC)’s investment in this beautiful project was supplemented by the State of New York Mortgage Agency (SONYMA), which provided low-cost mortgages to many of the first-time homebuyers who will call Atlantic Terrace home. We know these investments will only strengthen Fort Greene and indeed all of Brooklyn. As we work to help New Yorkers across the state achieve the dream of home ownership and create stable neighborhoods across our state, we applaud Michelle and the Fifth Avenue Committee for their leadership in this inspiring project.”
“We all know that New York is a city of renters, but that does not mean that we don’t aspire to own our homes,” said HPD Commissioner Mathew M. Wambua. “Atlantic Terrace has made homeownership a reality for these families. The roots they have put down here will last and grow stronger with each passing year. That is the epitome of what we and are partners, in this case the Fifth Avenue Committee, strive for: to create housing that is the center of strong neighborhoods populated by people who care about where they live, nurture their surroundings and give these communities their individual character.”
“Every development we fund works to increase the availability and long-term affordability of New York City’s housing stock,” said Marc Jahr, President of HDC. “With these investments we are strengthening neighborhoods and building their economic diversity for the long term. This is the ethos at the heart of the Mayor’s housing plan and it is brought to life through developments such as Atlantic Terrace. The new residents who have bought homes here have a solid stake in Ft. Greene and are already making a significant contribution to this strong, growing and vibrant community.”
Atlantic Terrace was developed under Mayor Michael R. Bloomberg’s New Housing Marketplace Plan (NHMP), multibillion dollar initiative to finance 165,000 units of affordable housing for half a million New Yorkers by the close of the 2014 fiscal year. To date, the plan has funded the creation or preservation of more than 130,770 units of affordable housing across the five boroughs. More than 31,357 units have been financed in the Brooklyn and more than 3,275 of these units are in Brooklyn Community Board 2 where Atlantic Terrace is located.
“Fifth Avenue Committee (FAC) is proud to be celebrating our Atlantic Terrace project and the fact that it represents a model for combining outstanding design and construction with homes that are affordable to families at a broad range of incomes and the latest in sustainable features,” said FAC Executive Director Michelle de la Uz. “It is especially rewarding to know that as Fort Greene and the surrounding communities continue to evolve, that the cooperative apartments at Atlantic Terrace will be affordable to families of all incomes for decades to come.”
Atlantic Terrace is a ten-story building with 80 mixed-income co-op units. While 20 units have been purchased at market rate, the remaining apartments were sold at various Area Median Income levels set by the 2007 income calculations of the US Department of Housing and Urban Development (HUD). Nine units are set at 65% AMI (or $49,920 for a family of four), 31 units are set at 80% AMI ($61,440 for a family of four) and the remaining 19 units are set at 130% AMI ($99,840 for a family of four). The City requires that subsidized apartments be sold or rented through an Open Lottery System to ensure fair and equitable distribution of housing to eligible applicants. All units at Atlantic Terrace have been sold. For more information regarding the lottery process, current housing lotteries, how to apply to an open lottery, and if you would like to receive an e-mail when HPD has updated its website concerning available apartment and home listings for City-subsidized housing in the five boroughs, please visit the Apartment Seekers and Homebuyers pages at www.nyc.gov/hpd.
In 2011, Atlantic Terrace won the NYC Big Apple Brownfield Green Building Award. The site was a vacant lot from 1969 to 2007. During that time it was designated as a Brownfield location. The lot formerly served as a gas station and the soil was contaminated from a petroleum spill. Prior to development, the site underwent extensive remediation. Atlantic Terrace was constructed with energy-efficient green technologies and was designed for LEED Gold certification. Green building elements include energy-efficient heating, ventilation and air conditioning systems and the use of Energy Star and low-flow water fixtures as well as green kitchen and bathroom cabinets built by Brooklyn Woods, a woodworking training program of FAC’s workforce development affiliate, Brooklyn Workforce Innovations (BWI). Residents have access to a community lounge featuring a kitchen, media center and outdoor terrace. Sublevel parking spaces are available for a monthly fee.
“Brooklyn has always been ‘proud home to everyone from everywhere,’ but that’s an empty phrase unless we make sure that everyone can find a home in Brooklyn. At Atlantic Terrace, 60 families have access to affordable housing, and these housing units—the largest affordable ‘green’ building in Brooklyn—will remain ‘affordable forever.’ I was proud to support this project, which has transformed a contaminated site into a LEED-certified sustainable development that mixes market rate and affordable housing under one roof to truly show off Brooklyn’s diversity,” said Brooklyn Borough President Marty Markowitz.
"The Housing Partnership is proud to support FACs vision of affordable homeownership with a New York State Affordable Housing Corp. grant of $1.6 million,” said Dan Martin of NYC Housing Partnership. “This project both continues FACs mission of economic stability for all residents and helps complete the Fort Greene residential community, as well as addressing The Housing Partnership's mission to create affordable housing and revitalize communities through community development.”
“Citi is proud to have provided over $25 million in construction lending for Atlantic Terrace. Fifth Avenue Committee overcame both construction hurdles and a challenging real estate market to bring this project to fruition. The end result is a beautiful new building containing 80 cooperative units, 59 of which have been purchased at affordable prices by New Yorkers seeking to turn the dream of homeownership into a reality,” said Bill Mills, Chief Executive Officer of North America Citi Community Capital (CCC).
The total development cost for Atlantic Terrace was $38 million. HDC provided a $6.7 million mortgage to the development. HPD provided $1.5 in City Capital funds. The State Affordable Housing Corporation (AHC), a program within HCR, provided grant awards totaling $2.075 million to subsidize the development of 59 units in Atlantic Terrace. The State of New York Mortgage Agency (SONYMA) underwrote low-cost, fixed-rate mortgages for 37 of the units purchased by first-time homebuyers, a total investment of $5.7 million. The Brooklyn Borough President’s office contributed $600,000 and the City Council contributed $1.4 million. Cooperative sales and commercial rental fees cover the remaining cost of development. The site was designed by Magnusson Architecture and Planning.
“The success of Atlantic Terrace represents a partnership of three organizations with strong commitments to affordable and mixed–income housing, working together as community group, builder and architect a new model for ‘real estate developer’ is created for sustainable community development,” said Magnus Magnusson, Principal at Magnusson Architecture and Planning, PC.
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About New York State Homes and Community Renewal (HCR):
New York State Homes and Community Renewal (HCR) consists of all the State's major housing and community renewal agencies, The Affordable Housing Corporation (AHC) supports homeownership opportunities for low and moderate income families by providing grants to municipalities and not-for-profit organizations to assist in the costs of home improvements, the rehabilitation of existing housing and the new construction of homes for homebuyers. The State of New York Mortgage Agency (SONYMA) offers five mortgage programs to assist first-time homebuyers with the purchase of a home in New York State. SONYMA’s five mortgage programs feature competitive interest rates, low down payment requirements, flexible underwriting guidelines, no prepayment penalties and down payment assistance. Each of these features are designed to make your home purchase more affordable. All SONYMA loans are financed through the sale of tax exempt bonds.
About NYC Department of Housing Preservation and Development (HPD):
HPD is the nation’s largest municipal housing preservation and development agency. Its mission is to promote quality housing and viable neighborhoods for New Yorkers through education, outreach, loan and development programs and enforcement of housing quality standards. It is responsible for implementing Mayor Bloomberg’s New Housing Marketplace Plan to finance the construction or preservation of 165,000 units of affordable housing by the close of the 2014 fiscal year. Since the plan’s inception, more than 130,770 affordable homes have been financed. For more information, visit www.nyc.gov/hpd
About the NYC Housing Development Corporation (HDC):
HDC provides financing that builds and strengthens neighborhoods. Since 2000, the corporation has issued roughly 10% of all the multifamily housing revenue bonds in the U.S. and since 2003, when Mayor Bloomberg’s New Housing Marketplace Plan was launched, HDC has raised more than $6.7 billion in financing for affordable housing developments, including in excess of $1 billion in subsidy from corporate reserves. In Affordable Housing Finance magazine’s annual listing of the nation’s top ten funders of multifamily housing, HDC is the only municipal entity included on the list, and consistently bests many of the largest commercial banks and most statewide Housing Finance Agencies (HFA). This past year, HDC was the fourth largest affordable housing lender in the U.S. after Citi, Wells Fargo and Bank of America, beating out JPMorgan Chase and Capital One. To date, under the Mayor’s plan, HDC has financed the creation or preservation of more than 60,000 affordable units in multifamily buildings that also include 1.7 million square feet of commercial space. For additional information, visit: www.nychdc.com
About Fifth Avenue Committee, Inc. (FAC):
Fifth Avenue Committee, Inc. (FAC) is a nationally recognized nonprofit community development corporation formed in 1978 that works to transform the lives of over 5,500 low and moderate income New Yorkers annually so that we can all live and work with dignity and respect while making our community more equitable, sustainable, inclusive and just.
FAC is a community organization in South Brooklyn that advances economic and social justice by building vibrant, diverse communities where residents have genuine opportunities to achieve their goals, as well as the power to shape the community’s future. To achieve its mission FAC develops and manages affordable housing and community facilities, creates economic opportunities and ensures access to economic stability, organizes residents and workers, offers student-centered adult education and combats displacement caused by gentrification. www.fifthave.org
Citi Community Capital (CCC) is a premier financial partner with nationally recognized expertise in financing all types of affordable housing and community reinvestment projects. CCC's origination, structuring, asset and risk management staff across the country provides creative financing solutions designed to meet their clients' needs. CCC helps community development financial institutions, real estate developers, national intermediaries and nonprofit organizations achieve their goals through a broad, integrated platform of debt and equity offerings.
Citi, the leading global financial services company, has approximately 200 million customer accounts and does business in more than 140 countries. Through Citicorp and Citi Holdings, Citi provides consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, transaction services, and wealth management. Additional information may be found at www.citigroup.com or www.citi.com.
NYC Housing Partnership:
The Housing Partnership serves as New York City's primary intermediary for development of new, affordable homeownership housing on both public and private sites. And as a partner in fulfilling Mayor Bloomberg's housing plan, the Housing Partnership works with the New York City Department of Housing Preservation and Development to produce about 1,200 affordable housing units each year. The Housing Partnership’s mission is to create affordable homes and revitalize neighborhoods through community development promoted by a dynamic partnership involving the public and private sectors. Established in 1982 by David Rockefeller and the Partnership for New York City, The Housing Partnership has developed more than 22,000 new affordable units and completed 8,000 renovations of rental apartments. The Housing Partnership’s developments have leveraged more than $2.6 billion in private sector financing in over 50 neighborhoods.
About Magnusson Architecture and Planning, PC (MAP):
Magnusson Architecture and Planning, PC (MAP) is a leader in the design of Green Mixed Income/Mixed Use Multi-Family Residential developments. Since it was established in 1986, MAP has been committed to the issues of urban revitalization, sustainable community development and the design of high-performance housing, schools, commercial and community buildings. Their award winning projects for non-profits, developers and institutional clients are known for their contribution to community, construction quality and sustainable design. www.maparchitects.com