Late last week, a new 48-unit affordable housing development opened at 926 Madison Street in Bed-Stuy, Brownstoner reports—which is good news for residents in a once-rough neighborhood where the locals’ biggest fear is now likely rising rents.
Rents in the Brooklyn neighborhood went up 6.5 percent between April and May of this year; the neighborhood has seen steadily rising rents since the beginning of the year.
Not that Bed-Stuy’s gentrifying status is any secret (this reporter’s street has not one, but two coffee shops that do not serve drip coffee, but will be happy to make you an Americano if you are uncomfortable with the espresso revolution). Still, with Manhattan rents at record highs, presumably never to fall again, Brooklyn neighborhoods are likely to becoming increasingly more expensive.
The Madison Putnam, as the project is known, cost $15.3 million, which is roughly equivalent to the price of four townhouses in Brooklyn Heights. Made up of seven buildings built on city-owned property, the development includes 13 one-bedrooms, 27 two-bedrooms and 7 three-bedrooms. Brownstoner reports that 38 of the units are priced below 60 percent of the area median income ($49,800 for a family of four) and the other ten are priced for those earning below 40 percent ($32,040 for a family of four).
Each building is a four-story walk-up and they all come with access to a rear garden. It’s probably not enough to offset the rise of luxury condos in the neighborhood bringing prices up, but at least it’s something.