State Renaissance Court

New Building Plans  Posted on 09/22/04

State Renaissance Court

This project was awarded to Strategic Construction Corporation and IBEC Building Corp in the spring of 2002 pursuant to a Request for Proposals issued by The Empire State Development Corp. The site is bounded by Schermerhorn, Hoyt and State Streets in downtown Brooklyn. The site encompasses 60,689 square feet and sits on top of the Hoyt/Schermerhorn subway station. It is an urban renewal site which required that 30% of units be earmarked for low and moderate income families. Two thirds of the site will be allocated to a multifamily rental building which will front Schermerhorn Street. The balance of the site (22,253 square feet of land) is earmarked for the fourteen two family townhouses that will front State Street. The townhouses will be completed in a second phase of the project, after the multifamily building is completed.

The multifamily development is being financed by the NYC Housing Development Corporation, through its mixed income "tax exempt" bond program. The bonds will be credit enhanced by Freddie Mac and will be underwritten by Merrill Lynch. By obtaining a forward commitment from Freddie Mac, bond proceeds will be available for use during construction. Citibank Community Development Corporation will provide credit enhancement to Freddie Mac by way of a letter of credit during this period.

The project consists of 158 units (including one superintendent apartment), with over 17,000 square feet of retail space and a 72 car parking garage. The project will consist of 17 studio, 40 one-bedroom, 92 two-bedroom, and 9 three-bedroom apartments. Thirty percent (30%) of the units are targeted to very low and low income families, twenty percent (20%) are targeted to middle income families and fifty percent (50%) are market rate units. With a total development budget of $47 million, the project will be funded with $35.2 million in tax exempt bonds and $3.5 million in HDC financing.

Ideally situated within half a mile of Fort Greene, the Brooklyn Academy of Music, Atlantic Center with its transportation hub and shopping, downtown Brooklyn and Brooklyn Heights, State Renaissance Court will have plenty to offer its residents. This mid-rise luxury doorman building will provide 24 hour per day concierge service, with parking available in the building (at an additional cost). Other amenities include; laundry room, fitness and recreation rooms and a landscaped outdoor area located on the second floor terrace. The building was designed to complement the existing architecture in the area - in both the building's height and the facade treatments - and will be entered via a glass double height lobby where the doorman will direct residents and visitors to one of three high speed elevators. The hallways will be climate controlled. The building will have CCTV monitored by the doorman, and a magnetic lock key card system.