February 18, 2015
On May 14, 2015, The New York City Department of Housing Preservation and Development (HPD) joined the Pratt Area Community Council (PACC), MDG Design & Construction and partners to celebrate the ribbon-cutting to celebrate the restoration of 365 Jay Street.
“The meticulously restored Jay Street Firehouse continues to be home to 18 families, some of whom are the original tenants from the 1980s, and who will continue to pay affordable rents.” said Robert W. Davenport, President of National Development Council. “Preserving such an important historic structure has been key in creating quality and livable housing in the DUMBO neighborhood of Brooklyn.”
Designed by one of the foremost architects of the day and completed in 1892 to house the Headquarters of the Brooklyn Fire Department, the building had been repurposed until it was abandoned in the 190s. In 1987, as the DUMBO (“Down Under the Manhattan Bridge Overpass”) neighborhood welcomed Brooklyn Metro-Tech, the nation’s largest urban University/Industry/Science and Technology Park, 365 Jay Street was repurposed again, this time to provide affordable housing to displaced residents who had long called DUMBO home. The building’s 18 affordable units were much needed in this predominantly low-income community, but funds to maintain the building were in short supply; by 2013, significant repairs and updates were needed.
With a mission to keep housing units affordable, PACC led a massive restoration of the building and apartments, including updated interiors with energy efficient appliance and meticulous attention to exterior refinishes.
The total development cost for the preservation of 365 Jay Street is approximately $5.6 million. HPD provided $2.5 million in City Capital towards permanent financing. The New York State Office of Parks, Recreation and Historic Preservation provided a $600,000 grant toward the project. The Brooklyn Borough President’s Office provided $500,000 in Reso A funds and NYS Senator Velmanette Montgomery contributed $300,000 in member item funds. The Community Preservation Corporation (CPC) provided a construction loan of $1,043,000 and $875,000 in permanent financing. The project will receive Federal Historic Tax Credits which resulted in tax credit equity in the amount of $751,701. National Development Council is the historic tax credit investor. Additional predevelopment funding was provided by LISC NY and Deutsche Bank
Photos of the event can be found on NYC HPD’s Facebook Page HERE