Open House New York Photo Highlights

more info on BAT
http://brownstoner.com/brownstoner/archives/2006/05/tuesday_photo_o_20.html

“Par for the course. Makes me not give a damn about affordable housing.”

If you’re too much of a scumbag to live here, LEAVE.

Why is there a New York ACORN March 16, 2006 in the topic of Open House NY for October 2006?

Can this post be moved to another section?

Sweetheart Development:

Gentrification and Resegregation
in Downtown Brooklyn

New York ACORN

March 16, 2006
EXECUTIVE SUMMARY

Developer after developer is invading Downtown Brooklyn and the surrounding areas with plans for luxury condominiums and apartments with few or no affordable units. Meanwhile, the City and its taxpayers subsidize these developers with hundreds of millions of dollars annually in 421a and J-51 tax abatements, which exempt them and the affluent purchasers of their luxury condos from property taxes for years.

The 87 new developments researched for this report contain 5,934 housing units. Only 201 units – 3% of the total – are affordable to moderate-income people, while only 266 – 4% of all new units – can be afforded by low-income families. As people displaced from their neighborhoods by gentrification struggle to find housing, the City siphons their tax dollars into the pockets of the wealthy developers and luxury housing shoppers responsible for their displacement.

New one-bedroom condos routinely cost between $400,000 and $500,000; two- and three-bedroom units range from $600,000 to well over $1 million. According to a recent Real Estate Board of New York study, the average apartment in DUMBO sold for $1,255,000 last year. The cost of buying an apartment in Fort Greene rose 81.9 percent. Single and two-family home sales in Boerum Hill went up 54 percent in the last year, to an average of $1,293,000; in Brooklyn Heights they rose 28 percent and now average $2,722,000. These developments obviously target high-income individuals, not the low- and moderate-income families whose taxes subsidize them.

While rents and purchase prices for housing have risen dramatically, so have the average incomes of residents, as affluent newcomers flood the area. The resulting economic and social changes accentuate existing disparities in class and race. Metropolitan New York has the widest income gap between rich and poor in the state which, in turn, leads the country in economic disparity. Racial inequalities aggravate these figures, as white and Asian households earn significantly more than African American and Hispanic ones.

As a result, many long-time residents face displacement from their neighborhoods. This displacement, which a study prepared for PolicyLink and the Brookings Institution Center on Urban and Metropolitan Policy called “one of the defining components of gentrification, and . . . also by far the most serious consequence of gentrification,” purges neighborhoods both economically and ethnically: African American and Latino areas are by far the most likely to be affected, and over recent decades, the Hispanic population of Brooklyn has risen only marginally, while the African American population has plunged dramatically.

This wave of development may gentrify the area entirely, complete with the displacement of low- and moderate-income families no longer able to afford to stay. The key issues: Who will be able to afford to live in and around Downtown Brooklyn? And how can the City justify tax abatements for these luxury developments that are unaffordable for the overwhelming majority of its residents?

ACORN holds that any developer seeking tax abatements should be required to make at least 30% of new housing units affordable, and to tier this affordable housing for different income levels, ensuring that units are affordable, at 30% of household income, for all low- and moderate-income families.

The Berkshire Capital Group is converting the 27-story Verizon Building at 7 Metrotech Center in Downtown Brooklyn, originally constructed in 1930, into 244 market-rate condos and 34,000 square feet of retail space.

SWEETHEART DEALS IN BROOKLYN: FAILING PUBLIC POLICY

The City is using public dollars to subsidize the developers who are building this upscale housing, gentrifying Downtown Brooklyn and the surrounding area, and displacing low- and moderate-income families no longer able to afford the escalating rents and sale prices. Many, if not all, of the 87 developments described in this report are eligible for 421a or J-51 property tax abatements.

421a is a tax exemption for new construction. Under the program, developments anywhere in the four outer boroughs, or above 110th Street and below 14th Street in Manhattan, can receive tax abatements for 15 years, or in some cases 25 years, for the increase in real estate taxes resulting from the value added to the property by their work. Projects that do not include new construction, but significantly rehabilitate a property, qualify for a similar 14-year abatement under the City’s J-51 program. Neither of these subsidies from the City requires any developer in Brooklyn to provide affordable housing units.

A 2003 study by the Independent Budget Office found that from 1985 to 2002, 69,000 units in New York City were subsidized through the 421a program. Only 7 percent of these units – 4,905 – were affordable.

In 2005, New York City taxpayers gave $323 million dollars in subsidies to developers of housing throughout the City under the 421a property tax exemption program. Developers in the “Manhattan Exclusion Zone” – between 14th and 110th Streets – must provide at least some affordable units in exchange for their tax breaks. But outside of the “Exclusion Zone,” in places like Downtown Brooklyn, developers receive this sizeable public subsidy for developing exclusively luxury housing. In these areas, the City is engaged in multi-million dollar giveaways to create housing for the wealthy. Low- and moderate-income families, who overwhelmingly occupy older buildings, continue to pay property taxes, directly in the case of homeowners or, for tenants, through the higher rents demanded by landlords to afford property taxes. Meanwhile, luxury housing developers and their affluent customers enjoy their 421a and J-51 exemptions, given to them at the expense of low- and moderate-income families.

SIGNS OF GENTRIFICATION

Gentrification converts poor and working-class housing and neighborhoods to upscale residences for upper-middle- and upper-class households. It includes buying up older and sometimes vacant or run-down property in poor and working-class neighborhoods and constructing upper-middle-and upper-class condominiums, townhouses, single-family dwellings, and upscale lofts and apartments. The practice both replaces tenants who cannot afford a down payment or qualify for a home mortgage with more affluent people who can and eliminates the possibility of working-class families buying homes, as luxury condos replace all other purchasing options.

A study prepared for PolicyLink and the Brookings Institution Center on Urban and Metropolitan Policy noted that gentrification “can impose great costs on certain individual families and businesses, often those least able to afford them.” These costs often entail “[d]isplacement of low-income residents,” which the report called “one of the defining components of gentrification, and . . . also by far the most serious consequence of gentrification.” Disparities of class, race and national origin channel the effects of displacement: “Renters are clearly most vulnerable to displacement, especially when renters lack legal immigration status or do not speak English.” Such economic segregation disproportionately affects African Americans and Hispanics, as “in most (but not all) gentrifying neighborhoods examined in the case studies, minority households (African American as well as Latino) have predominated in recent decades, and some argue that this residential segregation occurs with the tacit support of public and private sector institutions and traditions.”

Existing economic and ethnic disparities in New York City aggravate these trends. The 2000 Census found that New York State has the largest income gap between rich and poor of any state in the country, while the New York City Primary Metropolitan Statistical Area leads the state in inequality, with 54.5% of income flowing to the richest fifth of families, only 13.4% getting to the middle fifth, and a meager 2.7% making its way to the poorest fifth. The poorer families are more likely to be African American or Hispanic, as the same Census showed that only 30% of African American families and 26% of Hispanic families earned more than $50,000, while 42% of Asian families and 50% of white ones did.

This economic inequality clearly shapes the ethnic composition of the area. Between the 1990 and 2000 Census, the Hispanic population of Community District 2, roughly equivalent to Downtown Brooklyn, Fort Greene, Brooklyn Heights, and Boerum Hill, increased by only 2%, while the general population rose 4%. Simultaneously, the white, non-Hispanic population rose 12%, and the Asian and Pacific Islander population leapt 66%, even as the African American population dropped a staggering 17.2%.
In addition to these demographic shifts, there are multiple indicators of gentrification in Downtown Brooklyn and surrounding neighborhoods. These include:
• The high percentage of for-sale units being built and marketed in and around Downtown Brooklyn. In 2002, in sub-borough area 202 (roughly equivalent to Downtown Brooklyn), the median owner household income was $68,000 while the median renter household income was $33,000. In sub-borough area 208 (including Prospect Heights), the median household income was $50,600 for owners and $24,000 for renters. Clearly, the condominium, townhouse, and loft developments in and around Downtown Brooklyn are intended for high-income owners, not low- and moderate-income families.
• The increase of median household income in sub-borough area 202 from $32,292 in 1999 to $41,000 in 2002 – a 27 percent increase. It rose from $23,871 to $26,724 in sub-borough area 208 during the same time period – a 12 percent increase. Median household income in New York City as a whole increased by a considerably smaller percentage, especially as compared to sub-borough area 202 – from $35,552 in 1999 to $39,000 in 2002, or just fewer than 10 percent.
• The rise of median monthly rents in sub-borough area 202 from $475 in 1990 to $736 in 2002, a 55 percent increase. In sub-borough area 208, the median monthly rent went from $425 in 1990 to $600 in 2002, a 41 percent increase. City-wide, median monthly rents increased by approximately 12 percent from 1990 to 2002.
• The increase of repeat sale prices for 2-4 family homes in Community District 2 (again, roughly the area of Downtown Brooklyn, Fort Greene, Brooklyn Heights, and Boerum Hill) by 180% between 1997 and 2003. In Community District 8 (including Prospect Heights) repeat sale prices increased by the same percentage between 1994 and 2003.** These price increases are almost twice as high as the 150 percent increase that occurred City-wide between 1986 and 2003. Condo and co-op per square foot prices have now reached $700 in parts of Prospect Heights and over $1,000 in some parts of Downtown Brooklyn.***

Several factors encourage gentrification in and around Downtown Brooklyn and indicate its future escalation. The real-estate market offers considerable demand for the high-end market-rate condos being developed and sold. Downtown Brooklyn’s proximity to Manhattan attracts affluent buyers hoping to find better deals on real estate in an outer borough convenient to Manhattan.
Many soft sites exist in and around Downtown Brooklyn. Some of these, like car washes, auto body shops, and laundromats with parking lots, attract developers because acquisition costs remain relatively low, while allowable density or floor area ratios are quite high. One-story commercial buildings (again, many with parking lots) and gas stations often encourage residential development because of commercial/residential zoning and the density they may allow. This, of course, is part and parcel of gentrification wherever it occurs. After residential property becomes the property with the highest value, everything becomes a residence.

A number of vacant lots have led to the appearance of more and more small, in-fill condominium developments.

Upzoning, some of it the result of the Downtown Brooklyn Plan passed in 2004, has also encouraged large-scale/high-rise condominium development.

Without any public policy in place to control these sources of gentrification and the high-end development they encourage, the area in and around Downtown Brooklyn will succumb to the next generation of gentrification.

The Corcoran Group is marketing 79 market-rate condos in Shaya Boymelgreen’s new Beacon Tower at 85 Adams Street in DUMBO, which will be completed in September 2006, at prices ranging from $630,000 to $2.4 million.

AREA DEVELOPMENTS

To document the gentrification overwhelming the area and the accompanying lack of affordable housing, ACORN has researched 87 developments in Downtown Brooklyn and adjacent neighborhoods. This list results from an exhaustive investigation, but cannot be considered a complete inventory of all recent and planned developments in the area. Indeed, developments appear so rapidly and regularly that it is virtually impossible to monitor them. Any comprehensive analysis of Downtown Brooklyn development is rendered even more difficult by the changing and fluid plans of developers.

The 87 developments included in Appendix A. are those that ACORN has learned of and been able to research, some in more detail than others. All were apparently planned, constructed or marketed, in whole or part, during 2005, although this wave of development began much earlier: In 1998, David Walentas converted DUMBO’s Clock Tower Building into luxury lofts, and by 2000, Bruce and Stuart Eichner’s new high-rise at 182 Montague Street offered 192 rental units starting at $2,100. The new developments listed in Appendix A. begin in DUMBO and continue out through Carroll Gardens and Park Slope. But new development and gentrification extend into Brooklyn far beyond the neighborhoods researched for this report.

The information included in the description of each development comes from a variety of sources, including the Automated City Register Information System (ACRIS) of the New York City Department of Finance, the Brooklyn Borough President’s Office, Brownstoner, the Buildings Information System of the New York City Department of Buildings, Crain’s New York Business, developer and marketer Web sites, Emporis, Laborers’ International Union Local 79, the New York City Housing Development Corporation, the Pratt Center for Community Development, The Real Deal, Wired New York, and various media accounts. When these sources have differed, we have favored information from government agencies.

The small number of affordable units (267) in these 87 developments indicates that gentrification defines current development in Downtown Brooklyn and nearby areas. Not including the number of market-rate and affordable units in those projects where plans have not been finalized or approved, or where ACORN has been unable to confirm available numbers, the following emerges:
• 78 of the developments with established numbers have no affordable units.
• The developments with established numbers contain a total of 6,118 units. 93% of the units are market-rate. Of the 7% of affordable units, 3% may be marketed to moderate-income renters earning as much as $141,600 for a family of four, while only 4% are affordable to low-income families who earn less than $35,400 for a family of the same size.
• 85% of the units in developments with established numbers are for sale. These figures contrast markedly with the 2005 New York City homeownership rate of 33% recently reported in the New York City Department of Housing Preservation and Development’s Housing and Vacancy survey.
COMMUNITY BENEFITS AGREEMENT
One notable exception to these trends in Downtown Brooklyn development, the Forest City Ratner Companies’ Atlantic Yards Project, will lie on a 22-acre site, bordered for the most part by Flatbush, Atlantic and Vanderbilt Avenues and Dean Street. It will include a professional sports arena, a hotel, an office complex and residential mid-and high-rises containing 4,500 units of new rental housing.

Forest City has entered into a Community Benefits Agreement (CBA) with ACORN and seven other community groups that commits the developer to making 50% of the rental units – 2,250 units – affordable. Developers and government agencies typically define “affordable housing” using broad income brackets that encourage the development of housing affordable only to the highest-earning members of each bracket, who may earn as much as $141,600 for a family of four. But the CBA tiers Atlantic Yards’ affordable housing to much smaller income brackets, ensuring that units will be affordable to every low- and moderate-income family :

% of Affordable Units # of Affordable Units Income as % of Area Median Income (AMI) Income as $ Range by Family Size
10% 225 30 – 40% $13,181 for one – $29,150 for six
30% 675 41 – 50% $18,014 for one – $36,438 for six
20% 450 51 – 80% $21,969 for one – $58,300 for six
20% 450 81 – 100% $35,589 for one – $72,875 for six
The remaining 450 apartments, 20% of the affordable units, could include people making 101-160% of the AMI, depending on the development’s financing negotiations and funding commitments. The project will also include between 600 and 1,000 affordable condos.
With 2,250 total units of affordable housing, including 1,350 affordable to low-income families, Atlantic Yards will far exceed both the 467 units of affordable housing of the other 87 developments combined and the 201 of these units affordable to low-income families. The project is currently undergoing environmental impact review.

RELIGIOUS DEVELOPMENT

The Watchtower Bible and Tract Society of New York, the organization of Jehovah’s Witnesses, plans to build Watchtower Residence Halls I and II at 85 Jay Street. Part of an 800,000-square-foot complex including a dining hall, a three-story auditorium and an 1,100-car underground garage, these four towers, rising as high as 20 stories, will house 1,600 employees in 888 new units, nearly doubling DUMBO’s current population. Construction is expected to begin in 2006. Due to the unique nature of this development and the unusual manner in which its units are offered, as a benefit of employment, ACORN has excluded it from the calculations in this report.

RECOMMENDATIONS

The City’s practice of subsidizing developers and getting no affordable housing in return must end. To combat the gentrification of Downtown Brooklyn and nearby communities, and to prevent the displacement of its residents so that the area remains a vibrant and diverse community where households of all income and racial and ethnic groups can afford to live, ACORN recommends the following policy changes:
1. The 421a “Exclusion Zone” should be extended to Downtown, DUMBO, Prospect Heights and other neighborhoods in Central Brooklyn, as it recently was in the rezoning of Greenpoint-Williamsburg. This would mean developers could not receive a 421a property tax exemption unless they include affordable units.
2. In exchange for 421a and J-51 tax exemptions, developers should be required to provide at least 30 percent affordable units.
3. All affordable units in all developments should be income-tiered so that the units are targeted to and affordable for all low- and moderate-income families, at 30 percent of household income.
4. Any developer who receives a tax exemption should be required to enter into a Community Benefits Agreement (CBA) with relevant community organizations, covering labor participation and training, minority contracting, etc., as well as affordable housing.

APPENDIX A. DEVELOPMENTS

DEVELOPMENT MARKET-RATE UNITS MODERATE-INCOME UNITS LOW-INCOME UNITS NOTES
4 Water Street 13 condos 0 0 • Developed by the Cheever Development Corporation
• Financed by Commerce Bank
• Mixed with retail space and a parking garage
133 Water Street 52 condos 0 0 • Developed by Washington Group LLC
Riverfront
57 Front Street 33 condos 0 0 • Developed by Shaya Boymelgreen
• Marketed by the Corcoran Group
• Prices range between $400,000 and $1 million
The Nexus
84 Front Street 44 condos 0 0 • Developed by Shaya Boymelgreen
• Marketed by the Corcoran Group
• Prices range from the mid-$400,000s to $1.6 million

DEVELOPMENT MARKET-RATE UNITS MODERATE-INCOME UNITS LOW-INCOME UNITS NOTES
70 Washington Street 259 condos 0 0 • Developed by David Walentas and Two Trees Management
• One-bedroom condos cost as much as $615,000, while other units range to $2.2 million
Bridge No. 50
50 Bridge Street 58 condos 0 0 • Developed by Jack Guttman
• Marketed by the Developers Group
99 Gold Street 88 condos 0 0 • Developed by the Kay Organization
• Prices range from $350,000 to $1.35 million
• Sales began in February 2006
Vesta on Vinegar Hill
206-210 Front Street 33 condos 0 0 • Developed by Moshe Gold and Max Lebowitz
J Condo
100 Jay Street 267 condos 0 0 • Developed by Cara Development and Hudson Companies, Inc.
• Marketed by the Corcoran Group

DEVELOPMENT MARKET-RATE UNITS MODERATE-INCOME UNITS LOW-INCOME UNITS NOTES
Beacon Tower
85 Adams Street 79 condos 0 0 • Developed by Shaya Boymelgreen
• Marketed by the Corcoran Group
• Prices range from $630,000 to $2.4 million
• Completion expected in September 2006
Bridge View Tower
189 Bridge Street 62 condos 0 0 • Developed by Bridge View Tower LLC, which represents “a developer who prefers to remain unnamed (but [a spokesperson] did say this is his first Brooklyn project),” according to the Daily Eagle
• Marketed by the Developers Group
Brooklyn Bridge Park
360 Furman Street 1,240 condos and rentals expected None expected None expected • Developed by Robert Levine and others
• Fees paid by condo owners will fund the maintenance of the Park
The Court House
Court Street and Atlantic Avenue 256 rentals 64 rentals 0 • Developed by David Walentas and Two Trees Management
• Includes on-site YMCA and 500-car garage

DEVELOPMENT MARKET-RATE UNITS MODERATE-INCOME UNITS LOW-INCOME UNITS NOTES
Lookout Hill Condominiums
199 State Street 46 condos 0 0 • Developed by Alchemy Properties
• Prices range from $470,000 to $995,000
• Move-in scheduled for October 2006
Boulevard East
53 Boerum Place 46 condos 0 0 • Developed by Mario Procida
• Marketed by the Corcoran Group
14 Townhouses
267-287 State Street 14 townhouses 0 0 • Developed by Time Equities Inc. and Hamlin Ventures LLC
• Marketed by the Corcoran Group
• Prices begin at $2.55 million
Livingston Street and Schermerhorn Street 226 condos 0 0 • Developed by Asfrie Properties LLC
• Will include 18,000 square feet of retail space

DEVELOPMENT MARKET-RATE UNITS MODERATE-INCOME UNITS LOW-INCOME UNITS NOTES
7 Metrotech Center 244 condos 0 0 • Developed by the Berkshire Capital Group
• Conversion of the 27-story Verizon Building
• Will include 34,000 square feet of retail space
Myrtle Avenue and Flatbush Avenue Extension Condos or rentals expected Expected Expected • Developed by Don Capoccia and BFC Partners, the Pratt Area Community Council and the Red Apple Group
• Financed by the Housing Development Corporation
• The initial plan specifies 500+ units with a 50-30-20 division on the eastern side of the site and an 80-20 division on the western side

DEVELOPMENT MARKET-RATE UNITS MODERATE-INCOME UNITS LOW-INCOME UNITS NOTES
Old Board of Education Building
110 Livingston Street 300 condos 0 0 • Developed by David Walentas and Two Trees Management
• Prices range between $400,000 and $1 million
• Walentas paid $4.5 million, 10 percent of the building’s purchase price, into a Borough affordable housing fund
167 Johnson Street 512 condos 0 0 • Developed by Ron Hershco and Dean Palin
• Marketed by the Developers Group
• Construction recently began
240 Ashland Place 30 condos 0 0 • Developed by the Clarett Group
Baltic Condos
373 Baltic Street 4 condos 0 0 • Developed by the Basile Builders Group
• Prices begin at $400,000
323 2nd Street 8 condos 0 0 • Developed by Hector Mendez
On the Mark Condos
81 St. Mark’s Place 4 condos 0 0 • Developed by Michael Zenobio
• Marketed by Brooklyn Properties
• Prices range from $625,000 to $799,000

DEVELOPMENT MARKET-RATE UNITS MODERATE-INCOME UNITS LOW-INCOME UNITS NOTES
445 3rd Avenue 6 condos 0 0 • Developed by Alchemy Properties
149 Bergen Street 2 condos 0 0 • Developed by Patricia Costa
Highpoint Condominiums
560 7th Avenue 11 condos 0 0 • Marketed by Brooklyn Properties
• Prices range from $398,750 to $635,500
464 State Street 3 condos 0 0 • Developed by Jacques Racine
Saint Felix Condominium
31 St. Felix Street 3 condos 0 0 • Developed by Jorge Concepcion
Atlantic Terrace Cornerstone
Atlantic Avenue at South Portland Street 20 condos 60 condos 0 • Developed by the Fifth Avenue Committee
489 Atlantic Avenue 8 condos 0 0 • Developed by Atlantic Realty LLC
Boerum Heights
556 State Street 72 condos 0 0 • Developed by Denali Construction
• Prices range between $475,000 and $900,000

DEVELOPMENT MARKET-RATE UNITS MODERATE-INCOME UNITS LOW-INCOME UNITS NOTES
Old Salvation Army Site
321 Ashland Place Condos and/or rentals expected None expected None expected
• Developed by David Walentas and Two Trees Management
• A ground-floor community center for the Brooklyn Academy of Music with housing units overhead
• The Pratt Center for Community Development reports no indication of affordable units.
655-669 Fulton Street Condos expected None expected None expected • Developed by the Clarett Group
• May extend to 228-230 Ashland Place
• The City offered a tax abatement in exchange for the inclusion of ground-floor retail space
• Nothing indicates the inclusion of affordable units
232 Adelphi Street 4 condos 0 0 • Developed by Joshua Foster and Bridge Capital

DEVELOPMENT MARKET-RATE UNITS MODERATE-INCOME UNITS LOW-INCOME UNITS NOTES
609-613 Myrtle Avenue 18 condos 0 0 • Developed by Michael Marino
260 Skillman Street 16 condos 0 0 • Developed by Deluxe Development Inc.
The Kent
970 Kent Street 103 condos 0 0 • Developed by Elissa Winzelberg
• Marketed by the Developers Group
• Prices range from $355,000 to $495,000
Atlantic Avenue and Smith Street 50 condos 0 0 • Developed by Shaya Boymelgreen
• One of five cooperating developments on an Empire State Development Corporation site, as well as a City Urban Renewal Area that requires affordable housing, fulfilled by partnership with the Common Ground/Actor’s Fund project below

DEVELOPMENT MARKET-RATE UNITS MODERATE-INCOME UNITS LOW-INCOME UNITS NOTES
200 Schermerhorn Street 28 condos in 14 townhouses 0 0 • Developed by Hamline Ventures and Times Equities, Inc
• Financed by the Housing Development Corporation
• One of five cooperating developments on an Empire State Development Corporation site, as well as a City Urban Renewal Area that requires affordable housing, fulfilled by partnership with the Common Ground/Actor’s Fund project below

DEVELOPMENT MARKET-RATE UNITS MODERATE-INCOME UNITS LOW-INCOME UNITS NOTES
200 Schermerhorn Street Expected 0 0 • Developed by Hamline Ventures and Times Equities, Inc
• Financed by the Housing Development Corporation
• One of five cooperating developments on an Empire State Development Corporation site, as well as a City Urban Renewal Area that requires affordable housing, fulfilled by partnership with the Common Ground/Actor’s Fund project below

DEVELOPMENT MARKET-RATE UNITS MODERATE-INCOME UNITS LOW-INCOME UNITS NOTES
200 Schermerhorn Street Expected Not expected Not expected • Developed by Hamline Ventures and Times Equities, Inc
• Financed by the Housing Development Corporation
• One of five cooperating developments on an Empire State Development Corporation site, as well as a City Urban Renewal Area that requires affordable housing, fulfilled by partnership with the Common Ground/Actor’s Fund project below

DEVELOPMENT MARKET-RATE UNITS MODERATE-INCOME UNITS LOW-INCOME UNITS NOTES
State Renaissance Court
200 Schermerhorn Street 79 units 31 49 • Developed by the IBEC Building Corporation
• Financed by the Housing Development Corporation
• One of five cooperating developments on an Empire State Development Corporation site, as well as a City Urban Renewal Area that requires affordable housing, fulfilled by partnership with the Common Ground/Actor’s Fund project below
200 Schermerhorn Street 0 0 217 rentals • Developed by Common Ground and the Actor’s Fund
• Partnered with five cooperating developments on an Empire State Development Corporation site, as well as a City Urban Renewal Area that requires affordable housing

DEVELOPMENT MARKET-RATE UNITS MODERATE-INCOME UNITS LOW-INCOME UNITS NOTES
Greenehouse Condos
381-383 Carlton Avenue 27 condos 0 0 • Developed by Carlton Adelphi LLC
• Marketed by the Corcoran Group
42-44 Skillman Street 23 condos 0 0 • Developed by Skillman Street Real Estate
189 Franklin Avenue 16 condos 0 0 • Developed by Aponte Inc.
191-209 Spencer Street 90 condos 0 0 • Developed by the Mercury Capital Corporation
• Marketed by the Developers Group
• Prices range from $310,000 to $445,000
Williamsburg Bank Building
1 Hanson Place 220 condos 0 0 • Developed by Magic Johnson’s Canyon-Johnson Urban Fund II and the Dermot Company
• Financed by Citibank Community Development
Pacific 582
582 Pacific Street 2 condos 0 0 • Developed by Rolf Grimsted

DEVELOPMENT MARKET-RATE UNITS MODERATE-INCOME UNITS LOW-INCOME UNITS NOTES
344-348 Bergen Street 0 24 rentals 0 • Developed by Jay Schippers Realty
• Financed by the Housing Development Corporation’s New Housing Opportunities Program
Fulton Classon Condo
530-532 Classon Avenue 29 condos 0 0 • Developed by Fulton Classon Condo LLC
Pacific Blue
925-935 Pacific Street 70 condos 0 0 • Developed by Supreme Builders
• Luxuries will include a 50-foot pool, rooftop cabanas and a screening room
1 Prospect Park
17 Eastern Parkway 114 condos or rentals 0 0 • Developed by Mario Procida, Louis Greco and Sheldon Gordon
Faculty House Condominium
310 St. James Place 11 condos 0 0 • Developed by Noah Smith
• Marketed by Aguayo and Huebner
• Prices start at $353,000

DEVELOPMENT MARKET-RATE UNITS MODERATE-INCOME UNITS LOW-INCOME UNITS NOTES
606 Bergen Street 40 condos 0 0 • Developed by Pyramid Properties
• Marketed as having “a Zen-like effect”
172 Sterling Place 8 condos 0 0 • Developed by Montagu Square Development
• Marketed by the Corcoran Group
• Prices range from $900,000 to $1.3 million
Park Place Condominiums
145 Park Place 47 condos 0 0 • Developed by Thomas Anderson
• Marketed by the Corcoran Group
1 Montgomery Place 5 condos 0 0 • Developed by Ray Zagami
• Marketed by the Corcoran Group
484 2nd Street 4 0 0 • Developed by Brennan Kearny
446 3rd Street 4 condos 0 0 • Developed by Mark Pariti

DEVELOPMENT MARKET-RATE UNITS MODERATE-INCOME UNITS LOW-INCOME UNITS NOTES
38 7th Avenue 7 condos 0 0 • Developed by MHM Equities Corporation
Eight by Eight
267-269 8th Street 16 condos 0 0 • Developed by Joseph Dabbah
• Marketed by the Developers Group
503 8th Avenue 4 condos 0 0 • Developed by Timothy Betancourt
361 12th Street 4 condos 0 0 • Developed by Yiannes Einhorn
343 4th Avenue 93 condos 22 0 • Developed by Isack Katan
• Financed by the Community Preservation Corporation, which required moderate-income units
Park Slope East
270 1st Street 8 condos 0 0 • Developed by Isack Katan
Park Slope West
678 Union Street 10 condos 0 0 • Developed by Dominic Tonacchio
• Marketed by the Corcoran Group
The Washington
35 Underhill Avenue 39 condos 0 0 • Developed by Pyramid Properties
• A three-bedroom unit costs $844,000

DEVELOPMENT MARKET-RATE UNITS MODERATE-INCOME UNITS LOW-INCOME UNITS NOTES
Florentine Condominiums
230 7th Street 8 condos 0 0 • Developed by Ruben Alexander German
• Marketed by Brooklyn Properties
• Prices range from $599,000 to $1,295,000
202 West 9th Street 6 condos 0 0 • Developed by Joseph Landiano
The Terraces at Court Street
529 Court Street 25 condos 0 0 • Developed by Freud Court Street Properties LLC
• Marketed by Brooklyn Properties
• Financed by the Community Preservation Corporation
• Prices range from $409,000 to $1.25 million
Court Street Lofts
505 Court Street 38 condos 0 0 • Developed by Metropolitan Housing Partners LLC and Apollo Real Estate, which describes itself as “an opportunistic real estate investor”
• Marketed by the Corcoran Group
• Prices range from $475,000 to over $1 million

DEVELOPMENT MARKET-RATE UNITS MODERATE-INCOME UNITS LOW-INCOME UNITS NOTES
L3 Condominiums
191-193 Luquer Street 12 condos 0 0 • Developed by JC Keeler and Peter Guthrie
• Marketed by the Developers Group
11 2nd Place 7 condos 0 0 • Developed by HOF-2nd Place LLC
• Marketed by the Corcoran Group
Carroll Gardens West
73-75 Carroll Street 18 condos 0 0 • Developed by the Basile Builders Group
• Marketed by the Corcoran Group
• Prices range from $475,000 to over $1 million
Studio 322
322 Hicks Street 6 condos 0 0 • Developed by Second Development Services
• Marketed by the Corcoran Group
• Prices range from $1.1 million to $1.7 million
394 12th Street 6 condos 0 0 • Developed by Mark Zeldin

DEVELOPMENT MARKET-RATE UNITS MODERATE-INCOME UNITS LOW-INCOME UNITS NOTES
Carriage House on the Slope
231 15th Street 24 condos 0 0 • Developed by Jordan Goldman
• Marketed by the Corcoran Group
Trios Terrace Condos
105 15th Street 14 condos 0 0 • Developed by Alvin Cruz
198-210 16th Street 32 condos 0 0 • Developed by Mordechai and Nathan Hirsch and Joseph Gruber
• Marketed by Aguayo and Huebner
• Completion expected by September 2006
Rose Hall
219 17th Street 10 condos 0 0 • Developed by On The Level Enterprises
• Marketed by the Corcoran Group
• Prices range from $510,000 to $895,000
485-487 18th Street 7 condos 0 0 • Developed by Eugene Khavingson
• Marketed by Aguayo and Huebner
• Completion expected in 2006

DEVELOPMENT MARKET-RATE UNITS MODERATE-INCOME UNITS LOW-INCOME UNITS NOTES
The Sutherland
315 20th Street 13 condos 0 0 • Developed by the Basile Builders Group
• Marketed by the Corcoran Group
352 21st Street 8 condos 0 0 • Developed by Vyacheslaw Faybyshev
• Marketed by Aguayo and Huebner
The Liberty
207 22nd Street 9 condos 0 0 • Developed by John Polanca and John DeSilva
• Marketed by Aguayo and Huebner
TOTALS 5,467 201 266 5,934

APPENDIX B. MAP

ACORN, the Association of Community Organizations for Reform Now, is the nation’s largest community organization of low- and moderate-income families, working together for social justice and stronger communities. Since 1970, ACORN has grown to more than 175,000 member families, organized in 850 neighborhood chapters in 75 cities across the U.S. and in cities in Canada, the Dominican Republic and Peru.

ACORN’s accomplishments include successful campaigns for better housing, schools, neighborhood safety, health care, job conditions, and more.

ACORN members participate in local meetings and actively work on campaigns, elect leadership from the neighborhood level up, and pay the organization’s core expenses through membership dues and grassroots fundraisers.

ACORN has constantly challenged the traditional notions of what a community organization is, and its family of organizations includes two radio stations, a voter registration network, a housing corporation, and several publications.

Researched and prepared by Joseph Catron, Doug Timmer and Ann Sullivan. Map designed by Asher Ross. © 2006 by New York ACORN.