New York City-based Haussmann Development announced it has closed on a $38.5 million construction loan for 827 Sterling Place in the Crown Heights section of Brooklyn.
The $55 million, seven-story project will feature 76 rental housing units, 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.
Kriss Capital is Haussmann Development’s partner in this project, which is being financed by Urban Standard Capital. Demolition and abatement work has already taken place at the site, and the final project will be completed by the summer of 2025.
“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.”
Artist’s rendering courtesy of Haussman Development.