November 13, 2025

45 affordable homes built across eight city-owned vacant lots – financed by HPD’s Open Door program

Brooklyn, NY — The New York City Department of Housing Preservation and Development (HPD), together with private and public partners, including Shelter Rock Builders LLC (SRBuild), Ponce Bank, and Council Member Chi Ossé, today celebrated the groundbreaking of Phase II of the Bed-Stuy Fantastic Four development. This milestone marks the start of construction on 45 affordable homes for ownership across four Brooklyn sites: Myrtle Avenue, Vernon Avenue, and Chauncey Street, financed through HPD’s Open Door program.

“In a city where so many renters dream of owning a home, HPD’s Open Door program makes that possibility a reality. It empowers families to secure a home, build intergenerational wealth, and stay connected to the neighborhoods they love,” said Acting HPD Commissioner Ahmed Tigani. “The Bed-Stuy Fantastic Four embodies this mission, delivering 45 new affordable homes and building on the success of Phase 1, which created 31 homes across 11 city-owned lots. Thanks to our partners at Shelter Rock Builders, Ponce Bank, and our local elected officials, we’re helping more families unlock doors to long-term stability and growth.”

“We are very proud of the groundbreaking of the Bed Stuy North & Central phase 2 Co-Op home ownership project,” said Benjamin Shavolian, Partner, Shelter Rock Builders LLC. “For aspiring first-time homebuyers, owning a home serves as a vital pathway to build intergenerational wealth accumulation. It fosters self-worth, self-assurance, and a sense of accountability to both family and society.”

"Ponce Bank is proud to support the Bed-Stuy Fantastic Four development in partnership with HPD and Shelter Rock Builders. Together, we’re advancing affordable housing—an essential driver of financial stability and stronger communities for New Yorkers,” said Douglas Romero, Head of Construction Lending, Ponce Bank.

Brooklyn continues to be one of the fastest-growing boroughs in New York City and the metropolitan area. Developments like Bed-Stuy Fantastic Four Phase II ensure that local residents and New Yorkers citywide have access to affordable, permanent homeownership opportunities that allow them to remain and thrive in the city we all love. Developed by SRBuild and financed through HPD’s Open Door program, the project will create 45 cooperative apartments across four City-owned sites, including 27 one-bedroom and 18 two-bedroom units.

As part of HPD’s Open Door program, these new homes will be affordable to households earning up to 110  percent of Area Median Income (AMI). The program promotes the construction of affordable homeownership opportunities for New York City’s workforce and fosters mixed-income neighborhoods throughout the five boroughs. Developments under Open Door like the Bed-Stuy Fantastic Four Phase I & II, Urban Ecospaces modular homes in Staten Island, and The Soundview Park Townhomes in The Bronx, all contribute to chipping away at the housing shortage and providing New Yorkers with safe, stable, and permanent affordable housing.

To bring this vision to life, the project received over $16 million in financing from HPD, $18 million from Ponce Bank, and $2 million in Reso A funds from Mayor Eric Adams, who contributed $1 million during his tenure as Borough President. Additionally, former Councilmember Cornegy also provided $1 million. The project was designed by architects Gerald Caliendo, AIA, and Anthony Leva, AIA.

“The groundbreaking for Phase II of Bed-Stuy Fantastic Four is a huge win for our neighbors in District 36. Too often, homeownership is overlooked in the conversation about affordable housing in New York City. But today, we’re changing that. By transforming eight city-owned vacant lots into 45 permanently affordable homes, we’re giving Bed-Stuy residents a genuine pathway to homeownership. I’m proud that we get to celebrate this win for our community and for the future homeowners in Bed-Stuy,” said New York City Councilmember Chi Ossé.

“We are excited to be part of this collaboration, bringing a much-needed affordable homeownership project into Bed Stuy,” said Salvatore D'Avola, Executive Director, Restored Homes HDFC. "These vacant lots will be transferred into four cooperative buildings which will allow 45 first-time homebuyers with an affordable opportunity for homeownership in this great city."

Also financed by HPD’s Open Door Program, Phase I of the Bed-Stuy Fantastic Four project closed in June 2021, delivering 31 new affordable homes across 11 City-owned lots, including 11 homeownership and 20 rental opportunities. Phase I and Phase II build on a long-standing partnership between HPD and Shelter Rock Builders, which has been a consistent collaborator in advancing affordable homeownership opportunities across New York City. From 2006 to 2017, Shelter Rock completed 172 units across six developments, underscoring its ongoing commitment to building high-quality, sustainable housing for New Yorkers.

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About the Department of Housing Preservation and Development (HPD)

The New York City Department of Housing Preservation and Development (HPD) is the nation’s largest city housing agency, responsible for the creation and preservation of affordable housing as well as enforcing the housing and maintenance code across all five boroughs. From responding to over 800,000 housing maintenance problems to financing over 28,000 new affordable homes and connecting more than 15,000 New Yorkers with affordable housing in FY 2025 alone, HPD’s work touches every corner of the city’s housing landscape. Stay up to date by following @NYCHousing on Facebook, Twitter, and Instagram, and visit nyc.gov/hpd for more information.