50 Penn has brought not only new housing options to Brooklyn, New York, but also greater access to fresh food.
Developed by Pennrose and RiseBoro Community Partnership, the 100% affordable community features 218 units for residents ranging from those who were formerly or at risk of homeless to households earning up to 80% of the area median income. There are 56 studio, 96 one-, 48 two-, and 18 three-bedroom units.
As an intergenerational building, 50 Penn includes 42 apartment homes set aside for frail elderly residents. These units are not only designed to accommodate New Yorkers as they age, but they are also supported with rental and supportive services subsidies provided by the Empire State Supportive Housing Initiative. 50 Penn has an on-site social services suite where case workers work with their resident clients in a safe, confidential manner.
In addition, the property features a Fine Fair grocery store on the ground floor that was built as part of the city’s FRESH program that allows for additional buildable square footage for the provision of grocery space in underserved communities.
“50 Penn is the first project of its kind to have delivered on the East New York rezoning commitments to the community,” says Dylan Salmons, regional vice president at Pennrose. “The project was enabled by the city-led rezoning of East New York. It created additional square footage, included requirements for retail so that businesses wouldn’t be displaced as part of zoning, prioritized affordable housing, and prioritized access to healthy food options. 50 Penn is doing all of those things and more.”
The development was designed to meet Enterprise Green Communities standards and features rooftop solar photovoltaic panels and green roofs that are intended to offset the carbon footprint of the project and minimize stormwater runoff. As a transit-oriented development, two of the building’s three frontages are adjacent to public transit lines.
The complex $114 million development is comprised of five separate condominium units within a ground lease structure and included both low-income housing and New Markets tax credits as part of the capital stack.
PROJECT DETAILS
DEVELOPERS: Pennrose and RiseBoro Community Partnership
ARCHITECT: Dattner Architects
GENERAL CONTRACTOR: Mega Contracting
MAJOR FUNDERS: Red Stone Equity Partners; Citi Community Capital; RBC Community Investments; Wells Fargo; New York City Housing Development Corp.; New York City Department of Housing Preservation and Development; New York City Council District 37
