Brooklyn Council Approves 72Story Tower at 395 Flatbush

"On Tuesday, the New York City Council signed off on a plan to turn the city-owned, seven-story office building into an 840-foot, 72-story residential tower with roughly 1,200 to 1,300 apartments, about one quarter of them permanently affordable. The vote clears a major land use hurdle for a redevelopment backed by the Department of Housing Preservation and Development and the Adams administration, with the approved applications now heading into the remaining permitting steps."

"According to the Council's press office, the adopted land use package includes a zoning map amendment, related text changes, and an amendment to the Brooklyn Center Urban Renewal Plan that together allow the city-owned office building to be converted into a mixed use tower with approximately 1,263 housing units. As detailed by the New York City Council, members modified the application to remove MIH Option 2 and instead approved MIH Option 1 as the path forward."

"Planning documents show the redevelopment is expected to deliver about 1,263 apartments, with between 325 and 379 permanently income restricted units evaluated under the MIH options. With the Council's switch to MIH Option 1, the project now effectively settles on roughly 325 permanently affordable homes."

The New York City Council approved a major redevelopment plan for 395 Flatbush Avenue Extension in Downtown Brooklyn. The city-owned, seven-story office building will be transformed into an 840-foot, 72-story residential tower containing approximately 1,263 housing units. The project includes roughly 325 permanently affordable apartments, representing about 25 percent of total units. The approved land use package encompasses a zoning map amendment, text changes, and modifications to the Brooklyn Center Urban Renewal Plan. The Council selected MIH Option 1 for affordability requirements. The redevelopment is backed by the Department of Housing Preservation and Development and the Adams administration, with the project now advancing through remaining permitting steps.

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