Nov 25, 2015 1 min read fort greene

Sale Finalized For Planned Affordable Housing Project At 911-917 Atlantic Avenue

Artists rendering of 911-917 Atlantic Avenue. (Image via Marvel Architects).

We’ve known for some time now that the sale of the Brooklyn Heights Library will lead directly to a couple of affordable housing projects at 1041-1047 Fulton Street (between Downing and Irving Streets) and 911-917 Atlantic Avenue (between St. James Place and Grand Avenue), but now it’s official — Hudson Companies has finalized the purchase of the Atlantic Avenue lots, which currently house three two-story warehouses housing an electrical supply business.

Commercial Observer notes that the developer paid $12 million for the 25,000-square-foot site, according to Hudson President david Kramer.

According to the developer’s project website, 280Cadman.com, the Fulton Street project will feature 39 units, while the Atlantic Avenue site will have 77 units. Affordability will range between 60 to 165 percent of the Area Median Income (AMI) and will require no additional subsidy from the city.

Between the two buildings, the affordability breakdown is as follows:

60 percent AMI = 23 units at income level $36.246 to $60,065
80 percent AMI = 38 units at income level $48,328 to $80,086
100 percent AMI = 29 units at income level $60,410 to $100,108
165 percent AMI = 24 units at income level $99,677 to $165,178

Construction on the entire library-housing project is slated to be complete by 2020.