The New York City Council on Wednesday approved a rezoning that could add up to 4,600 apartments around Atlantic Avenue in Central Brooklyn. The vote comes eight weeks after the City Planning Commission okayed the Atlantic Avenue Mixed-Use Plan.
The rezoning covers a 21-block swath across Prospect Heights, Crown Heights and Bedford-Stuyvesant. Replacing the existing industrial zoning, the plan is part of the Adams administration’s efforts to create more housing.
Forty percent of the new housing, or about 1,900 units, will be priced as permanently affordable, including 1,000 units priced at an average of 60% of the area median income. Another 900 affordable units will be built as city-financed development at seven public sites.
“The Atlantic Avenue Mixed Use Plan will produce more affordable housing units than was built collectively over the past decade in this area of Central Brooklyn,” Council Speaker Adrienne Adams said Wednesday.
Atlas Capital Group has acquired 360 W. 43rd St., a 256-unit multifamily property located in Midtown Manhattan’s Hell’s Kitchen neighborhood. Although Atlas Capital did not disclose the acquisition price, Crain’s New York Business reported it as approximately $150 million, or about $586,000 per unit. The 23-story, approximately 250,000-square-foot property comprises 256 rental apartments, 13,000 square feet...
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EYA LLC, a D.C.-based urban infill residential developer, is advancing two major residential projects in Northern Virginia. The firm’s Prosperity Park project received approval from the Fairfax County Board of Supervisors, and the Idylwood Hill development reached a key milestone with the closing of its 6.97-acre site in Falls Church. The two projects will bring...
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Timberlane Partners purchased Canopy Apartments, a 336-unit garden-style apartment community located at 923 112th St. SW in Everett, WA, for $82.75M, or $246,279 per unit. The acquisition was made in partnership with NY-based EOS Residential Investors. Canopy is the sixth acquisition through Timberlane Acquisition Fund II (TAF II) and follows the firm’s $37M acquisition of...
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