IUV in East New York Secures $270M in Construction Financing 

Gotham Organization, in collaboration with Monadnock Development, Christian Cultural Center (CCC), and city and state authorities, has finalized a $270 million construction financing deal to commence Phase 1A of the Innovative Urban Village (IUV) in East New York. Designed by PAU, the project will convert CCC’s 10.5-acre campus into a mixed-use ‘urban village’ with income-based affordable housing and community amenities.  

Phase 1A, financed by entities including New York State Housing Finance Agency and Goldman Sachs Urban Investment Group, will feature 386 affordable rental residences and retail spaces, including a fresh food grocery store. Upon completion, the Innovative Urban Village will provide approximately 1,975 income-based affordable housing units and essential services like a workforce development center and childcare facility.  

“This development team is delivering a game-changing project in East New York,” said New York City Department of Housing Preservation and Development Commissioner Adolfo Carrión Jr. “Innovative Urban Village offers a holistic, mixed-use, amenity-rich development that will be an example to our affordable industry of what mission-driven actors can do when we work in partnership with their host community.”