On April 21st of 2015 we blogged about the proposed rezoning of East New York / Cypress Hills in an effort by City government to revitalize this Brooklyn NY neighborhood.
As of yesterday a plan was approved by the City Planning Commission to rezone, revitalize and to breathe life into a large swath of 190 blocks in East New York / Cypress Hills.
The next and final step in the approval process is a vote from the City Council next month.
If fully approved, the rezoning will include a Mandatory Inclusionary Housing component in which all builders must set aside 25% of their apartments for below market housing, as long as the building is standing. How funding for this will be ensured is not clear yet.
New buildings with 10 or fewer units won’t need to include affordable housing in those units.
One new project being negotiated is with developer Phipps Houses who plans to build 900 units of low income housing on the eastern edge of Cypress Hills.
The plan to revitalize East New York will also include a 1,000 seat school, safety improvements on Atlantic Avenue and upgrades to local public parks.
Another new project planned for East New York is a 7 story 159,050 square foot medical office building located at 101 Pennsylvania Avenue where the former East New York Savings Bank was. The plan is for 116,522 square feet of medical office space with 153 parking spots. The project architect is Array Architects. Jonas Rudofsky is one of the owners of the property.
To learn more about East New York Brooklyn Real Estate, call Jeff and Anna at 718-375-2065.
If you are planning to sell your Brooklyn property, whether a residential property, a commercial property, mixed use, multi family, vacant land, coop, condominium or development opportunity call us. You will be very happy that you did.