BRP Companies, The NYC Housing Development Corporation (HDC), NYC Department of Housing Preservation and Development (HPD), and Bedford Stuyvesant Restoration Corporation (BSRC) announced the commencement of construction of The Bradford, an innovative, $45 million housing and retail development in Bedford-Stuyvesant, Brooklyn. U.S. and New York City officials joined the developers and financial supporters of this project at a ceremony today celebrating the groundbreaking.
The Bradford, located at 1560-1576 Fulton Street, will offer 105 apartments for rent to low- and middle-income families and represents a significant milestone in revitalizing the area of Bedford Stuyvesant. The project, which is slated for completion in the summer of 2012, is part of Mayor Michael R. Bloomberg’s New Housing Marketplace Plan (NHMP), an $8.4 billion initiative to finance 165,000 units of affordable housing for half a million New Yorkers by 2014. To date, the plan has funded the creation or preservation of nearly 108,600 units of affordable housing across the five boroughs. Under the NHMP, more than 2,940 affordable homes have been financed in Brooklyn Community District 3 where The Bradford is being built.
Other projects jointly developed by BRP, HDC and HPD include Garvey Apartments, a 78-unit low-income rental development on the same block as The Bradford, which will be completed in the summer of 2011, and The Douglass, a 38-unit condominium project in Harlem, which is currently 80 percent sold and includes apartments for low-income families. Additional projects in the pipeline include developments in Central Brooklyn, the South Bronx, Queens, and Upper Manhattan.