On May 14th, 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.”
Located at 365 Jay Street, the building was originally constructed to house the Headquarters for the Brooklyn Fire Department. Throughout its history the building had been repurposed in various capacity for the NY Fire Department, until it was abandoned in the 1970s. In 1987 the City of NY converted the building into 18 affordable housing units. It was an exciting time for the DUMBO neighborhood, as it welcomed Brooklyn Metro-Tech, the nation’s largest urban University/Industry Science and Technology Park. The construction of Brooklyn Metro-Tech displaced many low-income residents that for generations called the DUMBO neighborhood home. The city saw great potential in repurposing the building to provide affordable housing for the predominantly low-income community. The conversion to affordable housing was a successful endeavor, but funds to maintain the building were in short supply and by 2013 the building required significant updates to keep the apartments liveable.
With a mission to keep housing units affordable, PACC led a massive restoration of the building and apartments. The interior required a gut renovation, each of the 18 units was stripped and replaced with an updated fixtures, including new bathroom, energy efficient kitchen appliances and hardwood floors. In addition to the interior restoration, the development team paid meticulous detail to exterior refinishes. These included bringing the roof, windows and other exterior elements back into code.
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