November 2, 2022
MacQuesten Development leads affordable housing development in transformational projects
BROOKLYN--MacQuesten Development LLC President and CEO, Rella Fogliano, will be joined by top city and state leaders at a highly anticipated groundbreaking ceremony to celebrate the start of construction of '1510 Broadway’ in Bedford-Stuyvesant, Brooklyn on Wednesday, November 2nd. The project is designed by Gluck+ and developed in conjunction with the East Brooklyn Housing Development Corporation. Members of the Local Development Corporation of East New York and Community Board 16 will also participate.
The project will incorporate 108 affordable housing units and over 9,000 square feet of ground-floor retail space bringing a much needed residence to a growing neighborhood. The wedge-shaped lot is located at the convergence of Bushwick and Ocean Hill and spans more than 21,000 square feet.
“Our administration is deeply committed to diversifying the pool of developers helping us create and preserve affordable housing,” NYC Department of Housing Preservation and Development (HPD) Commissioner Adolfo Carrión Jr. said. “1510 Broadway was one of the projects designated through our first M/WBE Building Opportunity Request for Proposals (RFP), and since then, we’ve announced that any firm responding to our RFPs have an M/WBE or nonprofit in their ownership structure. Under this administration’s Housing Our Neighbors Blueprint, we’re going to continue to advance inclusive economic opportunity and equitable growth.”
“I am proud to be developing a property that sat vacant for years to bring much needed housing to a growing party of Brooklyn. Along with the City of New York and our other partners in government and the private sectors, we are helping to continue the revitalization of Brooklyn,” said Rella Fogliano, President & CEO of MacQuesten Development.
The rentals will be marketed at varying levels of affordability. It is expected that 16 of the units will be reserved for the formerly homeless, while the other units will be earmarked for households at 40 to 80 percent area median income (AMI).
Floorplans will range from studios up to three-bedroom layouts. The project, though affordable, is indiscernible from even some of the most recognized luxury high rises in nearby Manhattan and other parts of Brooklyn. Each unit provides families with a first-class living environment with amenities to match.
1510 Broadway is one of several ongoing projects made possible through HPD's Extremely Low and Low-Income Affordability Program. Known simply as “ELLA,” the program funds the construction of low-income multi-family developments where most of the units are reserved for households earning up to 80 percent of the AMI.