Pitkin Avenue Theatre Redevelopment

New Markets Tax Credit Coalition

Brooklyn,
NY
(2010)

Pitkin Avenue Theatre Redevelopment

Mixed-use, Retail, Schools

The redevelopment of the Pitkin Avenue Theatre in Brownsville Brooklyn into a mixed-use project.

Investment

NMTC Amount: $42,433,792
Total Project Cost: $49,330,201

IMPACT

169 FTE jobs
160 construction jobs
166,000 sq. ft. of real estate

CDEs

Carver National Bank, Nonprofit Finance Fund, Rose Urban Green Fund, TruFund

Investor

Unknown

Project Description

Mixed-use retail and including charter school: ERF allocated $5MM in NMTCs and TruFund Financial provided a $2MM loan to aid in the redevelopment of the Pitkin Avenue Theatre in Brownsville Brooklyn.

According to Census data, the project is in an area where the poverty rate is 42% and median family income is 39% of AMI. Its total direct impact was the rehabilitation of 166,000 sq. ft.; creation/retention of over 160 permanent jobs and over 215 construction jobs; and increased access to educational services for 1,000 children from low-income families.

MAP

Address: 1501 Pitkin Avenue, Brooklyn, NY 11212

Census Tract: 36047090000

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