NEW YORK CITY — A partnership between Gilbane Development, Blue Sea Development and Artspace Projects Inc. will develop the Brownsville Arts Center & Apartments, a $254 million affordable housing project that will be located on a city-owned tract at 366 Rockaway Ave. near downtown Brooklyn. The property will offer 283 units in studio, one-, two- and three-bedroom units that will be reserved for renters earning between 30 and 70 percent of the area median income. The Brownsville Arts Center & Apartments will also feature a 28,000-square-foot cultural arts center with a 3,440-square-foot, multi-purpose performance, rehearsal and studio space for community arts groups. Various city housing agencies and authorities have committed nearly $100 million in subsidized financing for the project, construction of which is set to begin before the end of the summer and to be complete in 2027.
Aufgang Architects designed the Brownsville Arts Center & Apartments, a new affordable housing project in Brooklyn, and Gilbane Building Co. is serving as the general contractor. In addition to subsidies from various city agencies, the project's capital stack includes Low-Income Housing Tax Credits syndicated by Raymond James and construction financing provided by TD Bank.
Partnership to Develop $254M Affordable Housing Project Near Downtown Brooklyn
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