New Eight-Story Development To Include Some “Below Market Rate” Apartments

Some of the units in an imposing eight-story mixed-use development under construction in Clinton Hill are to be “affordable”.

Twenty-eight (one-fifth) of the apartments in the building under construction at 504 Myrtle Avenue (between Ryerson Street and Grand Avenue) will be offered at “below market rate” and available through an affordable housing lottery, New York YIMBY reports.

With 125,585 square feet in total, the building will now contain 143 residential units, YIMBY notes. When we last wrote about the project, the height had jumped from six to eight stories, and 141 units were planned.

Each apartment will be roughly 736 square feet. The project is slated for completion next year, YIMBY says.

Myrtle Avenue’s new addition will also have 20,304 square feet of ground floor retail space, and 115 below-ground parking spaces. Silverstone Property Group, a part of Madison Capital Realty, is the developer.

A one-story post office formerly stood on the site.

“The new building will cantilever over the pedestrian walkway that leads from Myrtle Avenue to Willoughby Walk Co-ops to the south. The cantilever portion of the building will abut the other new building at 490 Myrtle Avenue,” the Myrtle Avenue Brooklyn Partnership noted last year.

As reported by DNAInfo in April, 1,125 new apartments and 26 new storefronts — ten projects in total — are under construction or in development along a two-block stretch on Myrtle Avenue.