- REAL ESTATE EDUCATION
- GIVING BACK
Testimony by the Real Estate Board of New York on the Rezoning of 80 Flatbush Avenue by Alloy Development
May 1, 2018
The Real Estate Board of New York, Inc. (REBNY) is a broadly based trade association of over 17,000 owners, developers, brokers, managers and real estate professionals active throughout New York. We support the rezoning of 80 Flatbush Avenue and the Alloy development which will provide the community with a new elementary school, cultural facility, affordable housing units, retail space and 200,000 SF of Class A office space.
The mixed-use development site is situated adjacent to Atlantic Terminal making it easily accessible to the community and visitors. The proposed development will bring a new cultural facility to the area which will help strengthen and expand the Brooklyn Cultural District as a destination for the arts. Along with the cultural district, Flatbush Avenue, one of Brooklyn’s oldest commercial thoroughfares, is a high density, accessible area that makes it an attractive location for businesses and retailers. Local residents will benefit from the influx of new retailers and companies through greater shopping variety and jobs. The developer, Alloy, is aiming for a 30% MWLBE workforce applied across the project from construction to post-completion. In total, the development will generate 1,500 construction jobs and 1,500 permanent jobs.
Khalil Gibran International Academy (KGIA), NYC’s first dual-language Arabic high school, will move into a new, state-of-the-art ADA-accessible building which will include the school’s first gym and assembly area. In addition to KGIA’s new facilities, the project will include a new 350 seat public elementary school which will address school seat capacity in District 15.
As the City’s need for affordable housing continues, the as-of-right development at 80 Flatbush Avenue will offer 200 permanently affordable housing units at an average of 60% AMI. New affordable and market rate housing is crucial for the borough’s continued growth.
Alloy’s 80 Flatbush Avenue development will benefit the surrounding community and the City with new educational facilities, affordable housing units, a new cultural center, and modern retail and office space. REBNY supports Alloy’s development plans for 80 Flatbush Avenue.