Project Description
The Project Sponsor, Pennrose, LLC, is seeking financing from the New York City Department of Housing Preservation and Development (HPD) (the 'Proposed Action') to facilitate the development of a 211,408 gross square foot (gsf) mixed-use building (the 'Proposed Development') located at 50 Pennsylvania Avenue (Block 3669, Lots 13, 17, 20, 22, 26 - the 'Development Site) in the Cypress Hills neighborhood of Brooklyn, Community District 5. The Development Site has frontages on Pennsylvania Avenue to the east, Fulton Street to the north, and Sheffield Avenue to the west, and is currently occupied by parking and one-story retail uses. The J Nassau Street Local train and the Z Nassau Street Express train run along an elevated track above Fulton Street directly north of the Development Site. The A Eighth Avenue Express train and the C Eighth Avenue Local train run below-grade directly east of the site beneath Pennsylvania Avenue. The Development Site was recently rezoned to C4-4L as part of the NYC Department of City Planning's East New York Neighborhood Plan. Under the Proposed Action, the Development Site would be developed with the Proposed Development, a nine-story (approximately 93 ft. tall), approximately 211,408 gsf (178,798 zsf) mixed-use building containing approximately 218 units of affordable housing (including the superintendent's unit), a 23,577 gsf 'FRESH' supermarket, and approximately 3,835 gsf of local retail. The Proposed Development will also include a 5,413 sf parking lot with 15 accessory parking spaces. Construction of the Proposed Development is expected to begin in December 2019 with all elements completed and operational in 2021.