137 New Affordable Units Coming To Bed-Stuy In Massive Development

BED-STUY, NY — Some 137 new affordable units will hit Bed-Stuy by 2025 after developers grabbed a 17-story property on Atlantic Avenue.

Douglaston Development acquired the 456-property development for $66 million — and promised to deliver 137 units to residents making 60 percent of the area median income, according to brokerage firm TerraCRG and New York YIMBY.

Details and renderings were shared this week as construction started on the 474,000-square-foot project.

Brokerage representatives tout the development, which is scheduled for completion in 2025, as a major win for Brooklyn's affordable housing stock.

“There is only one solution to the housing crisis and that’s the creation of more housing units for all income levels,” TerraCRG CEO Ofer Cohen said in a statement.

Little is known about the massive developments, except that residents will share amenities like a gym, game room and children's playroom.

Below the apartments will sit 31,000-square-feet of retail space.

The massive development was years in the making, a representative of TerraCRG said. The brokerage started buying up neighboring Atlantic Avenue properties and rezoning the area in 2019 — and recently secured $185 million in construction financing from Wells Fargo Bank, New York YIMBY reported.