DEVELOPMENT UPDATE

Rochester Suydam Phase II: 32 Affordable Co-op Units in Bedford Stuyvesant

Rendering of 816 Herkimer St. in Bedford-Stuyvesant, Brooklyn.

Smaller housing projects must continue to be an important component of affordable housing development throughout New York. Their positive impact on communities is amplifed by utilizing parcels too small for larger multifamily affordable projects. Hundreds of such opportunities exist in the five boroughs.

In 2023 the Housing Partnership sponsored a noteworthy smaller affordable multifamily development:

Rochester Suydam Phase II in Bedford-Stuyvesant, Brooklyn, is a scatter site 32-unit affordable cooperative homeownership project. Located at three sites, 423 Herkimer St. (10 units), 444 Herkimer Street (10 units) and 816 Herkimer St. (12 units), they feature a mix of one and two bedroom cooperative apartments.

The Housing Partnership joined a development team comprised of Jobe Development, a minority and woman-owned company, the Briarwood Organization and Fulcrum Properties on Rochester Suydam Phase II. The total development cost of Rochester Suydam Phase II was $25.4 milllion. Sterling National Bank and JP Morgan Chase provided construction financing, with additional financing from HPD’s Open Door program, the City Council of New York and the New York State Affordable Housing Corporation.

Priced between $254,000 and $320,000, the project’s units can be purchased by New York households earning between 80% and 110% of Area Median Income. Construction is expected to be completed in 2025.