East New York

Rendering of Innovative Urban Village phase 1B. Designed by PAU

Innovative Urban Village in East New York Secures $314M In Construction Financing

Gotham Organization, in partnership with Monadnock Development, the Christian Cultural Center (CCC), and Reverend A.R. Bernard, has secured approximately $314 million in construction financing to launch Phase 1B of the Innovative Urban Village (IUV) in East New York, Brooklyn. The financing package was arranged with support from the New York City Housing Development Corporation (HDC) and the Department of Housing Preservation and Development (HPD). Designed by Practice for Architecture and Urbanism (PAU), the 10.5-acre site is being transformed into a mixed-use affordable housing development.

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Riseboro Closes on $412.4 Million Financing for Alafia Phase II in East New York, Brooklyn

RiseBoro Community Partnership recently secured $412.4 million in financing for the second phase of Alafia, a mixed-use development with a focus on wellness services in East New York, Brooklyn. To be built in collaboration with L+M Development Partners LLC and Apex Building Group as co-developers, the second phase will bring 634 affordable and supportive units within two 14-story buildings as well as infrastructure improvements, parking, and 22,000 square feet of retail and community facilities.

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