Construction is set to begin on a new $55 million housing development in Crown Heights after developers received crucial funding from Urban Standard Capital.
The seven-story apartment complex at 827 Sterling Place, dubbed “The Royal,” is set to be completed in the summer of 2025, and will offer both market-rate and affordable studios and one- and two-bedroom apartments.
“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.”
Of the 76 units in 827 Sterling, 23 are affordable homes financed through 421-a tax abatement program which provided tax exemptions to real-estate developers who are working to provide residential housing buildings in New York City. The project was one of the last developments to get a 421-abatement before the program expired. Demolition and abatement work has already been completed on the site to prepare for new construction.
827 Sterling Place was designed by Isaac & Stern Architects and is situated steps from the Brooklyn Children’s Museum, making it a perfect place for families. In addition, it will also offer a wide range of amenities including a fitness center, resident lounge, kid’s room, bike storage, roof deck and on-site parking.
“Crown Heights is an amazing community with a wonderful history, and we are proud to be a part of this neighborhood’s bright future,” said Jake Sokol, Head of Acquisitions and Capital Markets at Haussmann Development. “We look forward to developing quality, diverse housing at 827 Sterling and continuing our growth as one of the premiere housing developers in New York City.”
This is only the latest project by Haussmann Development and its partner Kriss Capital, with four other projects situated in Central Harlem. Each of their developments is built to achieve their shared goal of accommodating residential bulk and addressing New York’s growing housing crisis.
“We are excited to finance our fourth project with Haussmann Development, one of the premiere housing developers in New York City,” said Sam Hollander of Urban Standard Capital. “Despite the challenges in the capital markets, we continue to finance best in class developers and projects.”