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New York & Tri-State  + Outer Boroughs  + Finance  |  December 19, 2023
Emily Fu
By: Emily Fu

East Flatbush Resi Conversion Project Lands $256M 

Monadnock Development, CB Emmanuel Realty, and Equity Developers secured $256 million in financing to create Utica Crescent, a project converting a parking lot into affordable housing and community spaces in East Flatbush, Brooklyn.  

New York State Housing Finance Agency provided $122 million in tax-exempt bonds, backed by JPMorgan Chase during construction, and $106 million in low-income tax credits from Hudson Housing Capital. The complex comprises two towers with 322 affordable homes, including 89 units for elderly residents under the Empire State Supportive Housing Initiative.  

The development features commercial areas, a healthcare center by One Brooklyn Health System, space for the 67th Precinct Community Clergy Council, and a community facility managed by Catholic Charities. Residents will enjoy amenities including recreation facilities to smart building technology. 

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About Emily Fu

Emily Fu is Content Director of Connect Commercial Real Estate, where she covers the east coast markets, including New York, Boston & New England, and DC & Mid-Atlantic markets. She produces daily news stories as well as longer-form content, ranging from Q&As to thought-leadership pieces. She also writes feature stories for Connect Money. With previous stints at Reuters, Seeking Alpha, and Commercial Observer, Emily has covered the finance side of the commercial real estate industry, technology, media, telecom (TMT), and fashion. She attended the Columbia Graduate School of Journalism and currently resides in Manhattan.
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