Brooklyn, NY The NYC Department of Housing Preservation and Development (HPD), city council member Robert Cornegy, Jr. (D-36), Neighborhood Restore Housing Development Fund Corp., and the Community Preservation Corp. (CPC) joined the Bridge Street Development Corp. and partners to celebrate the completion of the rehabilitation of 570 Willoughby Ave. in the Bedford-Stuyvesant area. “The rehabilitation of these eight apartments is as important to our mission to make NYC affordable for all as any of the larger developments we finance,” said HPD commissioner Vicki Been. “Each individual unit we celebrate represents a home for a family or individual who needs one. I would like to thank the Bridge Street Development Corp., our partners at Neighborhood Restore and all of our development partners for putting this property back to good use.” “When thinking of affordable housing, many people immediately conjure an image of towering, impersonal housing projects with hundreds of apartments,” said Emilio Dorcely, president & CEO of Bridge Street Development Corp. “570 Willoughby, in contrast, is a four-story, eight-unit building with one studio, four one-bedroom, and three two-bedroom apartments. Each apartment contains high quality materials, finishes, and appliances. This is not institutional housing – this is a place residents can be proud to call home.” “We are proud to have partnered with HPD, Bridge Street and CPC on this project; creating new affordable housing units by rehabilitating this long-derelict building located in the heart of Bedford-Stuyvesant, Brooklyn,” said Salvatore D’Avola, executive director of Neighborhood Restore. “While the building itself may be small, the benefit of bringing the property back into good condition and preserving its affordability is a big win for the community,” said Rafael Cestero, president and CEO of the Community Preservation Corp. “With the prevalence of small buildings throughout the City, it’s critical that we preserve properties like 570 Willoughby to help lock-in affordability in neighborhoods that are experiencing rapid growth and upward pressure. At CPC we’re committed to providing stable capital and innovative lending solutions to revitalize and preserve housing in underserved neighborhoods like Bed-Stuy. I thank HPD, Neighborhood Restore, Bridge Street, and SONYMA for their partnership in transforming a blighting influence into a resource of affordability.” Bridge Street Development and the development team made necessary renovations including significant structural work, the replacement of all major systems, and the installation of all new windows and roofing. As a result of these efforts, the four-story masonry building now includes one studio apartment, four one-bedroom apartments, and three two-bedroom apartments. All apartments are affordable to low-income families and individuals with rents not expected to exceed $1,185 per month. The eight-unit property is expected to be fully rented this week. The total development cost of 570 Willoughby Avenue is approximately $1,725,056. HPD provided approximately $1.3 million in HOME Funds. The Community Preservation Corporation provided a $363,040 SONYMA-insured NYCERS permanent loan. The remaining balance of the project financing was provided by Bridge Street Development Corporation equity. The rehabilitation of this project would not have been possible without the work of DP Group General Contracting. Tags: