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Atlantic Chestnut 2
Atlantic Chestnut 2
Atlantic Chestnut 2 is the second of three buildings that will comprise the larger Atlantic Chestnut development in the Cypress Hills / East New York neighborhood of Brooklyn. Located on the site of a former fire-damaged industrial property, Atlantic Chestnut 2 will deliver 436 units of 100% affordable housing, reserved for households earning between 30-90% of area median income (AMI). Fifteen percent of the units will be set aside for formerly homeless New Yorkers.
The development will also include 4,630 square feet of community facility space. Amenities include several ground-floor amenity rooms, a courtyard, walking paths, and a landscaped roof deck referred to as “The Ribbon.” The project meets all commitments established by New York City’s East New York Neighborhood Plan.
Financing for the $285 million project was provided in the form of $134 million in tax-exempt bonds issued by the New York City Housing Development Corporation (HDC), over $117 million in Low-Income Housing Tax Credits (LIHTC) by the New York City Department of Housing Preservation & Development (HPD), and a letter of credit issued by Goldman Sachs. The Low-Income Housing Tax Credits were purchased by the Urban Investment Group within Goldman Sachs Asset Management.
Developer: Phipps Houses
Architect: Dattner Architects
Contractor: Monadnock Construction
Number of Units: 436
Financing: HPD/HDC