Grand Opening of 50 Penn Mixed-Use Development in Cypress Hills, Brooklyn (NYC HPD)

Date Published: 
June 15th, 2022

From the New York City Department of Housing Preservation and Development (HPD)'s press release:

The New York City Department of Housing Preservation and Development (HPD), New York City Housing Development Corporation (HDC), Pennrose, and RiseBoro Community Partnership today celebrated the grand opening of 50 Penn, a 218-unit 100% affordable housing development at 50 Pennsylvania Avenue in Brooklyn. The mixed-use, mixed-income community was designed to address key priorities identified in the East New York Neighborhood Plan, including affordable housing, greater access to fresh food choices, and include community-wide benefits.

The nine-story building includes 56 studios, 96 one-, 48 two-, and 18 three-bedroom units. The apartments are available for residents at a range of incomes, including extremely low-income households earning up to 30% of the Area Median Income (AMI) to low-income households earning up to 80% of AMI, that’s $36,060 to $96,080 for a family of three. Of the total units, 42 are set-aside for formerly homeless and frail elderly with operating subsidy provided by the New York State Empire State Supportive Housing Initiative (ESSHI) program. In addition, 102 units will be permanently affordable, with 44 made possible through the City’s Mandatory Inclusionary Housing program (MIH).

In addition to the affordable housing, the ground floor is anchored by a 18,500 square foot grocery store as part of the NYC Department of City Planning FRESH program, which supports convenient, accessible grocery stores in underserved neighborhoods. The two remaining street front retail spaces will be leased as one of the first developments to pilot the East New York Retail Preservation Program, which is intended to preserve opportunities for longstanding East New York businesses to operate within the boundaries of the rezoned neighborhood at rents that facilitate the ability to source their workforce from within the community and provide job training and benefits.

Read HPD's press release.

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