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# City To Sell Fort Greene Real Estate At Dollar Store Price
- URL: https://bklyner.com/city-sell-fort-greene-real-estate-dollar-store-price-fortgreene/
- Published: 2015-01-27T22:52:08.000Z
- Updated: 2015-01-27T23:10:04.000Z
- Author: Heather Chin
- Tags: 15 lafayette avenue, Bam North Site II, Jonathan Rose Companies, Michael Bloomberg, #API-Imported

![Image courtesy of Jonathan Rose Companies.](/content/images/wp-content/uploads/2015/01/15-lafayette-avenue-702x752.jpg)

Image courtesy of Jonathan Rose Companies.

It’s one for the real estate record books: $1 for a 120,000-square-foot parking lot located at 15 Lafayette Avenue — a prime piece of real estate in the heart of Brooklyn’s cultural district.

The super steal is said to have been scored by Jonathan Rose Companies, according to the *[New York Daily News](http://www.nydailynews.com/new-york/hpd-plans-sell-prime-land-1-private-developer-article-1.2092855?ref=bklyner.com).* In exchange for the beyond-bargain basement price, though, the private developer must designate 40 percent of the apartments — 49 units — as “affordable” for at least the next 30 years.

Renderings of the planned development show a 12-story apartment building with 2,800-square-feet of ground-floor commercial space and 21,000-square-feet for a cultural center. The site sits across from the BAM Opera House and next to the Mark Morris Dance Center.

The building will contain 123 units, 73 of them at market-rate prices and 25 for tenants who earn 60 percent or less of the Area Median Income (AMI). There will also be 24 units for tenants paying above market-rate.

The plan originated with Mayor Michael Bloomberg’s administration and is being picked up again by Mayor Bill de Blasio’s team at the [Department for Housing Preservation and Development](http://www.nyc.gov/html/hpd/html/about/Housing-New-York.shtml?ref=bklyner.com) as part of their [goal to build and preserve affordable housing](/blog/2015/01/16/mayor-touts-affordable-housing-preservation-fort-greene-city/) throughout the five boroughs.

Construction is due to begin this spring and finish in time for a late 2016/early 2017 opening.

Public input will be heard on the plan on Wednesday, February 11 at 10am at 22 Reade Street in Manhattan.