50 PENN

New Markets Tax Credit Coalition

Brooklyn,
NY
(2022)

50 PENN

Affordable Housing, Grocery and Fresh Food

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

RBC Community Development

Investor

Wells Fargo

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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50 PENN

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NY
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Affordable Housing, Grocery and Fresh Food

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