500 Waverly Avenue is located at the corner of Fulton Street in the Clinton Hill neighborhood of Brooklyn, New York. Fulton Street is the main retail corridor in this neighborhood. The new building will be a seven-story structure 80 feet in height with commercial retail on ground level and residential units above, where 80% will be market‐rate luxury apartments and 20% will be affordable. The building’s amenities will include indoor activity space on the 2nd floor with an assembly area for parties or other events, a kitchenette, television viewing area, and bathrooms. An outdoor activity area will be on the 2nd floor with lounge chairs, tables, and a built‐in barbecue grill. The project will also have a common exercise room with fitness and weight equipment. The building’s operating budget will provide for a part‐time lobby attendant and porter. The building provides a large, sub‐dividable retail space at grade, comprising approximately 7,100 rentable square feet along with approximately 1,000 square feet of cellar storage. The Project includes a fully‐automated parking system for 32 cars. Developed by Orange Management with the Housing Partnership as Managing Agent, condominiums in the project are permanently affordable. The building will be constructed through the Inclusionary Housing Program and will receive a Tax Exemption through the New York City Department of Housing Preservation and Development’s 421-a Program. The Inclusionary Housing 421-a Units will be marketed at 60% to 80% of Area Median Income.