New Markets Tax Credit Coalition

  • Brooklyn,
  • NY
  • (2010)

Pitkin Avenue Theatre Redevelopment

District: Hakeem Jeffries (D-NY08)

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

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Investor

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.

External Profile

MAP

Address: 1501 Pitkin Avenue, Brooklyn, NY 11212

Census Tract: 36047090000

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