The Hudson Companies announced that its 23-story mixed income building at 626 Flatbush in the Prospect Lefferts Gardens neighborhood of Brooklyn has topped out and that 626 Flatbush will be home to a second location for the Maple Street School.
The pre-school’s 15-year lease is for 5,500 s/f, including a private entrance and a 1,200 square foot roof terrace.
“We are thrilled to have Maple Street School as a tenant, and to support the expansion of a community institution,” said Alison Novak, Hudson’s vice president and Director of Fund Investments.
“We look forward to being part of the neighborhood for a very long time.”
“Every year, Maple Street School has to turn away more students than it accepts. We are thrilled at the opportunity to expand to this second location, so that we can accommodate more children and help meet the great need in this community for quality early education,” said Wendy Cole, Director of the school since 2001.
Maple Street School will be more than doubling its space; it has been at its current
location at 21 Lincoln Road since 2001. Today the cooperative pre-school serves 86 families.
626 Flatbush has topped out at 23 stories and is projected to be move-in ready in early 2016.
The 254-unit development will add 51 low-income units to the neighborhood. The low-income units, which will include studio, one, two, and three bedroom units, will be restricted long term to households meetingstringent income requirements.
The income band for the low-income units, before adjusting for household size, is $33,400 – $41,750 (40-50 percent of 2014 Area Median Income or AMI). For example, a family of four living in a two bedroom apartment under these guidelines will pay less than $700 per month if they earn less than 40% of AMI and less than $900 per month if they earn less than 50 percent of AMI.
The AMI is adjusted annually by the Federal Government and the units are subject to rent stabilization.
All of the building services and amenities will be available to the low-income units.
Tenant amenities at 626 Flatbush include a penthouse catering kitchen with a fine dining room, penthouse lounge and party room, landscaped rooftop terraces and tenant gardens, a screening room, fitness center and yoga room, and a children’s playroom.
The residential tower is set back behind a two-story retail and community facility building. Marketing has not started for the 4,000 s/f retail space.
The development was designed by Marvel Architects. Lettire Construction is the general contractor. The team has successfully worked together on previous projects. Hudson and Marvel won a Building Brooklyn Award for Third + Bond while Hudson and Lettire won for Dumont Green.