New Markets Tax Credit Coalition

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  • Brooklyn,
  • NY
  • (2022)

50 PENN

District: Nydia Velázquez (D-NY07)

Investment

  • NMTC Amount: $10,500,000
  • Total Project Cost: $10,373,755

IMPACT

  • 75 FTE jobs
  • 200 construction jobs
  • 34,000 sq. ft. of real estate

CDEs

Investor

Project Description

NMTC funding will provide funds for a new “FRESH” supermarket, plus operating expenses during lease-up and working capital during rent-abatement period.

This project’s financing is part of a $10.5 million capital stack needed for the build-out of the 34M sq. ft. commercial retail component of a $107 million mixed-use 100% affordable housing (LIHTC) project in East Brooklyn.

MAP

Address: 50 Pennsylavania Avenue, Brooklyn, NY 11207

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