A trio of developers – Monadnock Development, CB Emmanuel Realty, and Equity Developers – announced the closing on $256 million in financing for the development of Utica Crescent, a mixed-use affordable housing project in the East Flatbush section of Brooklyn.
The new development will be constructed on the site of an underutilized parking lot and will encompass two residential towers with 322 affordable homes for residents earning 80 percent of AMI or less, with 89 supportive apartments set aside for elderly seniors funded by the New York State Empire State Supportive Housing Initiative program.
The project will also include approximately 22,546 square feet of commercial space, 3,190 square feet of community facility space to be operated by Catholic Charities of Brooklyn and Queens, an onsite healthcare center operated by the One Brooklyn Health System, and space for the 67th Precinct Community Clergy Council. Residents will also have access to dedicated recreation and exercise facilities, outdoor space consisting of a second-floor courtyard and landscaped rooftop terraces, building-wide wireless Internet, bike storage, an on-site grocery store in the building’s commercial space and parking.
Utica Crescent is part of the New York State’s Division of Housing and Community Renewal’s $1.4 billion Vital Brooklyn initiative to address chronic social, economic, and health disparities in Central Brooklyn. Financing was provided by the New York State Housing Finance Agency with $122 million in tax-exempt bonds, enhanced during construction by JPMorgan Chase, and more than $106 million in low-income tax credit equity through Hudson Housing Capital.
The project was designed by Bernheimer Architecture and is expected to be completed by June 2026.
