Blog for TripleMint on trending Real Estate topics in NYC.

1.
MEET THE NEIGHBORHOODS: WHERE TO
FIND BROOKLYN’S AFFORDABLE
HOUSING BOOM.
JEN STRONGIN​ for TripleMint SEPTEMBER 18, 2015
“Brooklyn’s good. Brooklyn’s funky. Brooklyn’s happening.” – Waris Dirie
Looking for a move to one of Brooklyn’s vibrant neighborhoods? Afraid you
might be priced out by the growing demand? Well, worry no more! Brooklyn is
offering more affordable housing options than ever before, and they are
coming to the most desirable neighborhoods in town.

2. Downtown Brooklyn, Greenpoint, and Prospect Heights are in the process of
developing ambitious and modern mixed­use housing with a large chunk
dedicated to affordable housing. The fine line between welcoming growth
while maintaining the cultural integrity and diversity of New York’s most
in­demand borough has been a top priority for Mayor de Blasio, to keep the
Brooklynites in their neighborhoods, and attract middle and lower income
families.
City Point, Pacific Park and Greenpoint Landing are the three largest
developments in Brooklyn. They are offering the largest numbers of affordable
units in transitional neighborhoods. These spots ​will be home to about 75% of
the 3,069 newly ​constructed affordable Brooklyn units that the city’s
department of Housing​ Preservation and Development approved in the 2015
fiscal year. ​An additional 3,846 affordable apartments in the borough were
created by preservation.”​ What is even considered ‘affordable” in NYC, with
constantly rising rents? The current benchmark is “​A family of four making
less than $43,150 a year– 50% the AMI– can apply for a four­bedroom
apartment with gas and electricity included that rents for $1,252.”
Let’s take a closer look at Brooklyn’s newest affordable housing
developments, and the vibrant neighborhoods they support:

3. CITY POINT (Downtown Brooklyn)
The ​New York Post​ recently showcased the changing landscape of
Downtown Brooklyn​. “Once known for its fast­food joints and sketchy
bodegas, Downtown Brooklyn is on the rise with a wave of hot new
restaurants and bars.”
Literally built in place of a former bodega, ​Livingston Manor​ is named after the
provincial Catskills location, and is the perfect spot for Happy Hour; offering
daily deals on craft cocktails and rich microbrews, while providing fantastic
small plates of charcuterie and fine cheeses. “This is the fastest growing
neighborhood in Brooklyn right now,” Livingston Manor co­owner Matt Roff
told ​Brooklyn Magazine​. Rolf is well known for creating some of the borough’s
hottest spots over the past decade, including SouthPaw and ​Franklin Park​.
A spurt of development, namely ​City Point​, bucks the notion that a
neighborhood creates a destination. City Point has helped the destination
create a neighborhood. Boasting the largest mixed­use development in
Brooklyn, City Point holds a very community­minded philosophy. “​By
Brooklyn, For Brooklyn​ is not just a catchy slogan: it defines City Point’s
commitment to local employment and contracting opportunities, and to
bringing in the best new retailers and food purveyors for our community.”
Noting that “over $35 million in contracting went to local, minority and

4. women­owned construction companies. In addition to the 1000’s of
construction jobs created, by the end of Phase 2, the finished site will provide
900+ jobs for local residents.”
PACIFIC PARK (Prospect Heights)
Bordering Prospect Park, Prospect Heights is registered as one of New York’s
historic districts. It offers a little bit of everything that is quintessentially
Brooklyn. A culturally diverse spot with local eateries, cozy bars and vast
green spaces. An area with strong Caribbean and African American roots, it is
home to Labor Day’s ​West Indian Carnival​, the largest parade in New York.
The neighborhood offers an abundance of art and cultural gatherings, with
easy access to the Brooklyn Museum, Brooklyn Public Library and Brooklyn
Botanical Garden. Free musical events run through the summer at Prospect
Park. The streets are eclectic, where Brownstones mix with high­rise
buildings, melding old and new Brooklyn in a way that is all it’s own.
In one of the most family friendly neighborhoods in NYC, local gems often get
overlooked by Brooklyn’s more notable attractions. Mommy Poppins recently
named ​Underhill Playground​one of the ​Top 10 Places to Play in Prospect
Heights​, “This is a sweet neighborhood playground where people know each
other and the kids are sure to have a blast. The play structures can support

5. children of various ages, and the water feature in the middle makes kids
scream with delight. There are also benches, a bathroom and some shade.”
Originally developed by famed architect Frank Gehry (formerly called Atlantic
Yards), the ambitious ​Pacific Park​ development features a large transportation
hub, Brooklyn’s answer to Grand Central Station. Pacific Park is “connected to
twelve subway lines, the Long Island Railroad, service from sixteen bus lines,
multiple roadways, and access to ferries on the Brooklyn waterfront are all
within walking distance­ accessible to Manhattan in mere minutes.” The
development offers retail and restaurants, while Barclays Center provides
world class entertainment, and major sporting event­ hosting both NBA’s
Brooklyn Nets and NHL’s New York Islanders.
An ambitious project​ spread over 22 acres, Pacific Park has broken ground on
three buildings since December 2014: ​38 Sixth Avenue​, a 303­unit,
100­percent affordable apartment building;​ 535 Carlton​, a 100­percent
affordable apartment building; and ​550 Vanderbilt​, a market­rate condominium
building. B2 is located at ​461 Dean Street​. Slated to be the world’s tallest
modular structure, B2 is set to open in late 2016­ containing 363 units, with
50% affordable, and the other 50% going for market rate.

6. GREENPOINT LANDING (Greenpoint)
Lauded as the “next Williamsburg” with the G Line running through it,
Greenpoint​ is bordered by the East River, Newtown Creek, the
Brooklyn­Queens Expressway and North 12th Street. A neighborhood full of
classic brownstones and intimate bars, the dining culture has been rich since
the days when the community was predominantly made up of Polish
immigrants. Old school favorites like ​Peter Pan Donuts ​mingle with the hottest
new spots for foodies, such as ​Glasserie​.
Warsaw​ at the Polish National Home proudly touts it’s the place “Where Punk
Meets Perogies”. Widely known as one of New York’s hottest rock clubs, The
Warsaw is best known as a spot to nurture Brooklyn’s music scene, while
soaking up the beer with a number of traditional Polish dishes. Among
corners sprinkled with small boutiques and yoga studios Greenpoint offers an
unassuming, low­key vibe. A young couple that recently left Long Island City
told the ​New York Post​ of their pilgrimage to Greenpoint: “We just sort of fell in
love with the charm of it, you have the Manhattan skyline right there, but it
feels cozier and more intimate than a lot of other parts of the city.”
Deemed the largest development on the waterfront, work is currently
underway on Greenpoint Landing’s two buildings that will house a portion of
the complex’s roughly 1,400 affordable units,​ says Greenpoint Landing

7. Associates’ Johanna Greenbaum.​ In addition to residential space, the site will
include retail, some 4 acres on public open space and a 640­seat pre­K­to­8
public school.
The future of New York’s favorite borough is a community made up of
Brooklynites and newcomers alike; with development and services dedicated
to bringing jobs to local residents. Brooklyn is offering more affordable
housing options than ever before, and they are coming to the most desirable
neighborhoods in town. The borough is thriving, it’s evolution over the past
decade has emerged (not without it’s growing pains) from Manhattan’s
shadow to become a metropolitan city all it’s own.