Real Estate Weekly
Image default

The Innovative Urban Village in East New York Moves Forward With First Two Phases 

Christian Cultural Center (CCC) and Reverend A.R. Bernard, in partnership with the Gotham Organization and Monadnock Development, today announced construction plans for the first two phases of development of the Innovative Urban Village, located in East New York. Construction is expected to begin on Phase 1A by next winter. The first two phases have been filed for plan review with the NYC Department of Buildings. 

The project team recently received full city council approval in December 2022 to transform CCC’s East New York campus into a sustainable, pedestrian friendly, mixed-income community. These first two phases will cost an estimated $570M and create 817 permanently affordable rental residences, as well as create critical retail space intended for a fresh grocery store, pharmacy, walk-in medical center and a neighborhood day care. 

Phase 1A will consist of 376 affordable rental residences for individuals or families earning 30-80% AMI, as well as 10 homeownership units available for purchase by individuals and families earning between 80-100% AMI. In addition to the residential component, Phase 1A will also include about 17,000 GSF of retail and commercial space. Through the partnership, the Phase 1A retail program will include a fresh food grocery, providing tenants across the overall development with access to fresh, nutritious groceries within walking distance of their homes. Phase 1A will also include about 45,000 GSF of below-grade parking. 

Phase 1B of Innovative Urban Village will bring 441 affordable rental residences for individuals or families earning 30-80% AMI, and 19 homeownership units available for purchase by individuals and families earning between 80%-100% AMI. This phase will also create 10,000 GSF of retail and commercial space for a neighborhood pharmacy and walk-in medical center. Phase 1B will also create 12,000 GSF of community facility space intended to serve as a 24/7 daycare, as well as 62,000 GSF of below-grade parking.

The Urban Investment Group within Goldman Sachs Asset Management (Goldman Sachs) has provided more than $10-million in pre-development financing to support Phase 1A and Phase 1B. In just the short few months since closing, the Goldman Sachs pre-development funding has played an instrumental role in facilitating the first two phases of the development.

“The Urban Village brings a new concept of affordable housing to East New York and provides robust programming for a growing community,” said Rev A. R. Bernard. “This milestone marks the beginning of an amazing response to the needs of our community. It is a long-awaited vision being transformed into a reality. I couldn’t be more thrilled.”

“The recent filings of Phase 1A and Phase 1B for the Innovative Urban Village show incredible momentum for this community-enhancing development as it was only a few months ago we received full city council approval,” said Bryan Kelly, President of Development at Gotham Organization. “Under Pastor Bernard’s vision, this project will bring the next amazing chapter in the re-imagining of the neighborhood and we look forward to celebrating the coming milestones that bring this project to life.” 

“These first two phases will bring desperately needed, affordable housing to East Brooklyn. Monadnock is proud of this project and our partnership with CCC and Gotham, and we are excited as the next chapter unfolds for this neighborhood,” said Kirk Goodrich, President of Monadnock Development.

“This is a step in the right direction to ensuring residents of East New York have access to affordable, quality housing and we look forward to seeing the project continue to move forward,” said Michael Lohr, a Managing Director in the Urban Investment Group within Goldman Sachs Asset Management. 

Anchored by the creation of approximately 1,975 income-based affordable housing units, including approximately 200 senior housing rentals and 100 homeownership units, the development will implement a holistic approach to community designed to maximize diversity and enhance economic opportunity. Residences will be available as the project is constructed through a lottery process. Following productive conversations with community leaders and residents throughout the ULURP process, income levels for the overall project target a diverse population to address the ongoing housing crisis and the issues that rent burden has on working households. 

The plan also includes often overlooked necessity services, including a workforce development center,  24/7 childcare facility, performing arts center, fresh food grocery store and lifestyle-enhancing retail. The entire community will be seamlessly connected by walking paths and green spaces, these amenities combine to create a collaborative, accessible, ‘urban village’ lifestyle. 

Under the leadership of Rev. Bernard, CCC has become the largest house of worship in New York City, with 37,000 active members. CCC integrates institutional and intellectual elements with spiritual teachings to create a dynamic experience that has served as the foundation for a vibrant East New York community. CCC has created outreach programs that support the greater Brooklyn community, including  large scale food assistance programs, comprehensive youth programs, ministry to the incarcerated, a charter school and educational partnerships with the NYPD.   

CCC chose Gotham as its partner to help plan and build the desired services and necessities, building on Gotham’s long history of partnership with New York institutions to build affordable housing, schools, community facilities and cultural spaces. Construction on the first phase is expected to begin by late 2023 with delivery of the first residences in 2026. The overall master plan is expected to be completed in phases over a 10-year period. 

Related posts

Denholtz Properties Acquires 214-Unit, Luxury Community in Hudson County, N.J.


Pacific Urban Investors Expands Southern California Portfolio with Acquisition of La ScalaStrengthening Presence in Highly Desirable San Diego Submarket


KeyBank Secures $20.3 Million of Financing for Multifamily Housing Property in Anchorage, AK.