Slate Property Group, an owner, operator and developer of residential and commercial real estate in the New York metropolitan area, and RiseBoro Community Partnership, a leading nonprofit affordable housing developer and service provider in Brooklyn, today announced that they have closed on the acquisition of 326 Rockaway Avenue, a 38,000 s/f development parcel in Brooklyn.
Slate acquired the site for $8.4 million and expects to spend $110 million in total development costs.
The joint venture is proposing a 160,000 s/f 14-floor mixed-use development that will bring 215 affordable housing units, with 60 percent set aside for supportive housing (below 60 percent AMI), and approximately 5,000 s/f of ground-floor retail and community facility to the neighborhood.
“We’re pleased to announce our partnership with RiseBoro and the local community to bring a 100 percent affordable housing development to Brooklyn,” said John Valladares, Vice President of Development at Slate Property Group. “Slate is committed to keeping residents in their communities in the face of a critical citywide housing crisis. This project will not only bring affordable housing but supportive services for those in need as well as provide opportunities for economic activity and job creation.”
“At a time when countless Brooklynites are struggling to stay in their communities, 326 Rockaway is poised to be a beacon of affordability,” said Scott Short, CEO of RiseBoro. “We’re thrilled to work with Slate on this monumental achievement for affordable housing that will help further our mission of unleashing the potential of communities to thrive, no matter the odds.”
The land deal marks the first ground-up development partnership between Slate and RiseBoro. The project will also partner with Local 79 under a new affordable housing labor agreement to ensure a living wage during the construction process. Once completed, the building will be managed and operated by 32 BJ union members.
The acquisition was made possible through a loan provided by the Corporation for Supportive Housing (CSH), which provides loans in connection with the development of supportive housing amongst other programs.
326 Rockaway amenities include a community room, fitness room, landscaped courtyard, on-site laundry, social services and 24-hour security. Construction is expected to begin in 2022.
“Affordable, safe and quality housing is a dream for so many New Yorkers. The more challenges that exist for a person, the further away that dream can seem. Fulfilling the need for housing is the first and most crucial step for stability for an individual and for a community,” said Council Member Alicka Ampry-Samuel. “Together, this project will realize that dream for the residents of 326 Rockaway and the partnership with 32BJ and Local 79 cements the commitment to seeing our community thrive.”
“Congratulations to all stakeholders on the 100 percent affordable 326 Rockaway Avenue development project,” said John Santos, 32BJ Vice President. “This project is a great achievement creating good paying jobs that support families and communities while beginning to address the city’s affordable housing crisis that affects all New Yorkers.”
“What an amazing achievement! Congratulations to all who worked on ensuring 326 Rockaway Ave development,” said Mike Prohaska, Business Manager Laborers Local 79. “The development will provide an opportunity for community workforce and secure employment for our brothers and sisters in labor as well as ensuring affordable housing.”
“This project appealed to CSH because of its commitment to link supportive services with affordable permanent housing for young adults and young families who otherwise would be homeless or at risk for homelessness,” said Deborah De Santis, President and CEO at CSH. “CSH is pleased to use its role as a Community development financial institution (CDFI) to invest in community projects that work to help individuals and families thrive through the stability of a place to call home.”