"The new 1.5 million-square-foot building will be constructed atop a portion of the existing building, though the seven-story structure will be substantially demolished. A quarter of the apartments will be affordable to those earning between 30 and 90 percent of the area median income. The new development is also expected to include office space for the city's Department of Health and Mental Hygiene, which has offices in the existing building."
"In 2024, the state budget lifted the city's cap on residential density, allowing for floor area ratios greater than 12. Later that year, the City of Yes for Housing Opportunity created two new residential districts, dubbed R11 and R12, that allowed for residential FARs of 15 and 18, respectively."
"The Flatbush Avenue Extension project, which will have an FAR of 21.8 (including commercial space), is the first site-specific rezoning to take advantage of the FAR cap removal, though other projects have been proposed."
The City Council approved rezoning of 395 Flatbush Avenue Extension in Brooklyn, enabling construction of a 1.5 million-square-foot tower with nearly 1,300 housing units on a city-owned site. The new development will replace most of a 350,000-square-foot commercial building currently operated by Rabina and Park Tower Group. Twenty-five percent of apartments will be affordable to households earning 30-90 percent of area median income. The project includes office space for the city's Department of Health and Mental Hygiene. This development represents the first site-specific rezoning utilizing the state's 2024 removal of residential density caps, which enabled new high-density districts with floor area ratios up to 18, with this project achieving an FAR of 21.8.
Read at therealdeal.com
Unable to calculate read time
Collection
[
|
...
]