Atlantic Avenue projects get approval from Brooklyn council member

Elie Pariente of EMP Capital Group with 870-888 and 1034-1042 Atlantic Avenue (LinkedIn, Herokuapp)

In January, City Council member Crystal Hudson appeared to torpedo two major residential developments in her neighborhood, asking developers EMP Capital and Y&T Development to withdraw their applications so she could be involved from the start.

This would have meant wasted time, increased costs and, perhaps most importantly, no chance of starting construction before the 421a tax relief expired.

But now there is an agreement.

Turns out Hudson was willing to negotiate. She announced that Y&T and EMP have agreed to significantly increase the number of affordable housing units in their major 17-story projects at 870-888 Atlantic Avenue and 1034-1042 Atlantic Avenue.

In return for Hudson’s support, which ensures that necessary rezonings for projects will be approved by the full Council, each developer will offer 35% of their apartments at below-market rates. They will also donate $100,000 each to anti-displacement efforts.

The two development companies are relatively unknown. EMP is run by Elie Pariente, who has bought smaller properties in Soho and Fidi, while Joel Teitelbaum runs Y&T. Both projects share the same architect, Archimaera, based in Brooklyn.

“Today we showed that developers can do more than MIH,” Hudson said in a statement referring to the city’s mandatory housing law. “Our new floor is 35% [affordable units]. We can ask all developers, at a minimum, to do the same in the future. »

The MIH generally requires 25% or 30% of units to be affordable, depending on the level of affordability of those apartments. The deal with Hudson requires deeper accessibility than city law, which established a floor in rezoned areas from which council members could negotiate.

Both developments have until June 15 to put their foundations in place if they want to qualify for the expiring 421a tax exemption. On April 15, EMP filed plans for its development at 870-888 Atlantic Avenue, outlining a 214,000 square foot structure with 17 floors and 193 apartments.

Both rezonings will now be directed to the Land Use Committee before moving on to full council and Mayor Eric Adams. But according to political custom in New York, Hudson’s support makes the formalities of approval.

Hudson also announced that the Adams administration is committed to prioritizing a community plan for further development along Atlantic Avenue in Crown and Prospect Heights.

(Archimera)

1034-1042 Atlantic Avenue (Archimères)

The mayor’s endorsement would separate the new plan from earlier versions of M-Crown, a development program that aimed to set thresholds for size and affordability along the busy thoroughfare. While the local community council backed the plan, the town never signed on, so it went nowhere.

Hudson said the comprehensive community plan will ensure his district’s infrastructure and utilities are ready for an influx of new residents.

“This is a community that wants to see Atlantic Avenue rezoned. They want to build housing, but it has to be done the right way,” Hudson said.

In both developments, 15% of the units will be reserved for households earning 40% of the region’s median income. An additional 15% will be preserved for residents earning no more than 60% of the region’s median income and 5% for those earning up to 80%.

Atlantic Avenue east of Barclays Center, home to many low-rise industrial buildings that are far less lucrative than densely built housing would be, is becoming a prime target for residential development.

The proposals come just months after a mixed-use project at the site of a McDonald’s at 840 Atlantic Avenue backed by Rabsky Group’s Simon Dushinsky was approved by former Council member Laurie Cumbo at the 11th Hour.

Across Vanderbilt Avenue from the burger joint is the east end of the Pacific Park (formerly Atlantic Yards) megaproject, and across Atlantic Avenue is a new Jeffrey apartment building Gershon where a car wash and bar used to be.