827 Sterling Place will bring 76 new apartments, 23 affordable
$38.5M CONSTRUCTION LOAN CLOSES
September 29, 2023 Special from BROOKLYN SPACE
Rendering proposed for 827 Sterling Place. Photo courtesy of the Haussmann Development
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Haussmann Development announced that it has closed on a $38.5 million construction loan for 827 Sterling Place in the Crown Heights neighborhood of Brooklyn. The seven-story project will feature 76 units of critically needed rental housing, including 23 affordable homes financed through the former 421-a tax abatement program. The new building will also have a parking garage and a full complement of resident amenities.
The total development cost of the project is $55 million. Kriss Capital is Haussmann’s development partner, and the project is being financed by Urban Standard Capital. The building was designed by Isaac & Stern Architects.
“827 Sterling builds on our recent success in Harlem and our strategy of providing much-needed housing in neighborhoods throughout New York City,” said Josef Goodman, Principal of Haussmann Development. “We are facing a housing crisis, and we will not be able to address that issue without robust development of all types in every corner of our city. There’s a scarcity of new, high-quality rental housing in central Crown Heights and we look forward to providing 76 new homes for New Yorkers in one of its best neighborhoods.”