Reinventing Space to Meet Residential Needs

Reinventing Space to Meet Residential Needs

A number of buildings are being put to creative use as the city works toward meeting housing demands. Here is a look at just a few of the developments that are underway.

Public School Converted to 18-Unit Condo Building

A five-story building located between Tenth and Eleventh avenues is getting new life as it is converted from elementary school P.S. 51 to the Inkwell condo complex. Located at 520 West 45th Street, the 18-aprtment condo complex was developed by Gotham Organizations. With prices ranging from $1.75 million to $2.8 million, the building features 16 1,300-square-foot two-bedroom condos as well as two 2,000-square-foot three-bedroom apartments boasting private gardens. With features that include custom cabinetry, oversized windows, sliding library ladders, chalkboards and shoe cubby holes, the units pay homage to the building’s former purpose. Building amenities include a gym, an outdoor terrace and storage space.

Library Redevelopment to Bring 49 Affordable Apartments to Sunset Park

The Brooklyn Public Library’s Sunset Park branch will continue to serve as a library space while also bringing more affordable apartments to the area. While the lower levels of the building will provide 21,000-square-feet of library space, 49 affordable apartments will be available above the library. All of the apartments will be earmarked for low-income tenants, including those who qualify for federal housing assistance. Yearly income requirements for the building will start at $22,500 for a single person and will peak at $86,967 for a family of four. Half of the units will be designated for current residents of Community Board 7, while nine will be set aside for domestic violence victims who have been living in shelters. Eight of the planned units will be accessible while another eight will accept Section 8 vouchers.

Rents for 39 of the planned units will range from $532 to $1,272. Rents for the 10 remaining units that will be designed for higher-earning tenants have not been established, but will reportedly remain under market rate. All of the building’s units will be available through the city’s affordable housing lottery.

Park Slope Senior Home to Undergo Residential Conversion

After three years of court battles, Sugar Hill Capital Partners has closed on the purchase of a Park Slow senior home. Known as the Prospect Park Residence and located at the corner of Union Street and Prospect Park West, the 13-bed senior home will reportedly undergo a residential conversion.

Purchased for $84 million, the senior home was mired with scandal at the time of its closing. After landlord Haysha Deitsch deemed the home to no longer be financially viable, residents claimed they were given 90-days notice to leave at which time the home immediately began cutting back on essential services. Sugar Hill Capital had reportedly agreed to purchase the building for $76.5 million, but then sued Deitsch for failure to deliver the building empty. Deitsch then turned around and sued the children of the tenants who failed to leave the building in a timely manner for $50 million. According to his lawsuit, the children were attempting to block the eviction and ruin the sale of the building. Additional lawsuits then ensued, but with most of the lawsuits now settled, Sugar Hill Capital can finally move forward with its plans.