Real Estate Development Projects


Over the past twenty years, CDI has developed over three thousand units of rental and homeownership housing, and over a half million square feet of commercial, manufacturing, and institutional space. Below is a partial listing of some of these projects:

Historic Preservation

4 Water Street

4WaterStreet

4 Water Street. Brooklyn, NY
Completion Date: April 2007
Total Development Cost: $8.4 million

     This building is located in the Fulton Ferry Landmark History District at the foot in the Brooklyn Bridge in DUMBO. When we acquired the land, the original building had been partially demolished. However, with photographs of the original building and with the technical support of the New York City Landmarks Preservation Commission, we were able to build a reproduction of the original building. A 31,163 square foot luxury condominium was constructed and currently houses 13 residential apartments and one storefront. Construction financing provided by Commerce Bank and owner equity.

Public Schools

Brooklyn High School for Law & Technology

BushwickTheatres

The Bushwick Theatre 1396 Broadway. Brooklyn, NY (also known as the Brooklyn High School for Law & Technology)
Completion Date: January 2004
Total Development Cost: $14 million

      Conversion of an historic 1880s vaudeville theater into an 82,700 square foot NYC public high school serving approximately 700 students. Financing by Independence Community Bank, owner equity, the NYC Board of Education and NYC School Construction Authority. Read more...

Related Press: HS Finally Has a Home in Bushwick (Daily News)

EBC-Bushwick High School

1155DeKalb

1155 Dekalb Avenue. Brooklyn, NY (a.k.a. EBC-Bushwick High School)
Completion Date: August 1988
Total Development Cost: $9 million

      Conversion of a 62,500 square foot theater into a NYC public high school serving approximately 500 students. Financing provided by owner equity, Independence Community Bank, the NYC Board of Education and NYC School Construction Authority.

ACORN Community High School

561Grand

561 Grand Avenue. Brooklyn, NY (a.k.a. ACORN Community High School)
Completion Date: June 1996
Total Development Cost: $11 million

      Conversion of an 82,000 square foot cardboard box factory into a NYC public high school serving approximately 600 students. Financing by owner equity, the NYC Board of Education and NYC School Construction Authority.

Affordable Housing

421 Degraw Street

421Degraw

421 Degraw Street. Brooklyn, NY
Completion Date: October 1999
Total Development Cost: $10 million

      Gut rehabilitation and conversion of vacant former parochial school into 90 units of affordable middle income housing in the Carroll Gardens neighborhood. Financing provided by Chase Manhattan Bank and the NYC Housing Development Corporation’s Housing Opportunities Program. Read more...
Related Press: Residential Real Estate: Turning Old School Into Apartments (New York Times)
Related Press: A Middle-Income Housing Program Gathers Steam (New York Times)
Related Press: Eyesore Becomes a Gem Affordable Housing in Ex-School (Daily News)

1544 Park Place

1544ParkPlace

1544 Park Place. Brooklyn, NY
Completion Date: December 1996
Total Development Cost: $2 million

      This 34-unit building in Crown Heights was abandoned by its owners and the bank that financed it in the early 1990s. Left to fend for themselves, the tenants secured some relief by bringing the building into the housing court’s 7A receivership program. However, since half of the building stood vacant and many of the occupied apartments housed hard-core drug dealers, the building rapidly deteriorated.
     By negotiating a purchase of the existing debt and a deed-in-lieu of foreclosure from the title holder, we were able to secure the title in 1995. In a coordinated effort to address the severe drug problems plaguing the building, the DEA, ATF, and NYPD combined forces. They did extensive undercover work and their efforts culminated in a large raid of the building. Several dozen people were arrested and convicted under the RICO Act.
     A few weeks later, CDI was able to begin renovations. The renovation was complicated by the fact that the remaining tenants still occupied their apartments. Extensive renovations were done line by line and tenants were checkerboarded around as necessary until the entire building was successfully renovated. This project was financed through a combination of NYC HPD Participation Loan Program (PLP) and federal Low Income Housing Tax Credit Program financing, with Chase Bank providing the bridge loan and equity from the limited partner investors at the Richman Group.

161 Woodruff Avenue

161WoodruffAvenue

161 Woodruff Avenue. Brooklyn, NY
Completion Date: April 1997
Total Development Cost: $4.8 million

      Gut rehabilitation and conversion of a 39 unit vacant building in Flatbush into a 28 unit Low Income Housing Credit rental project, a 12 bed residential facility for the developmentally disabled, and a 5,000 square foot training center for the developmentally disabled. Financing by Chase Manhattan Bank, NYS Housing Trust Fund and NYS Office of Mental Retardation and Developmental Disabilities.

Sutphin Boulevard

Sutphin Boulevard. Jamaica, NY
Completion Date: August 2000
Total Development Cost: $2,300,000

      Gut rehabilitation and conversion of two formerly city-owned vacant buildings in southeast Queens into a 15 unit Low Income Housing Credit rental project devoted to senior veterans. Financing by Chase Manhattan Bank and NYW Housing Trust Fund, with equity investment by the Richmond Group.

544 Hemlock Street

544Hemlock

544 Hemlock Street/8757 Bay 16 Street. Brooklyn, NY
Completion Date: July 2001
Total Development Costs: $2 million

      Moderate rehabilitation and complete turnaround of two partially vacant, drug-infested buildings in East New York and Bensonhurst, Brooklyn in 23 units and 16 units of rental housing, respectively. Financing provided by NYC Dep’t. of Housing Preservation and Development’s Participation Loan Program (PLP), Chase Manhattan Bank, BPD Bank, and NYC Housing Development Corporation.

New 2 and 3 Family Homes

Bushwick Central 2

BushwickCentral

Bushwick Central 2 New Homes. Scattered sites in Bushwick; Brooklyn, NY
Completion Date: May 2006
Total Development Cost: $9 million

      New construction and sale of 31 two-family homes in the Bushwick section of Brooklyn under the NYC Partnership’s New Homes Program. Financing by JPMorgan Chase Bank, HPD, NYS Affordable Housing Corp., and owner equity.

Belmont Gardens

BelmontGardens

Belmont Gardens New Homes – Phase 2. Scattered sites in East New York; Brooklyn, NY
Completion Date: September 2006
Total Development Cost: $2 million

      New construction and sale of 6 two-family homes in the East New York section of Brooklyn under the NYC Partnership’s New Homes Program. Financing by HPD, NYS Affordable Housing Corp., BPD Bank, and owner equity.

Cleveland-Pitkin

ClevelandPitkin

Cleveland-Pitkin New Homes. East New York; Brooklyn, NY
Completion Date: September 2009
Total Development Cost: $5 million

      New construction and sale of 11 two-family Energy Star homes in the East New York section of Brooklyn under the NYC Partnership and HPD’s New Foundations Program. Financing by HPD, NYS Affordable Housing Corp., BPD Bank, and owner equity.

Marion-Sumpter

MarionSumpter

Marion-Sumpter New Homes. Bedford-Stuyvesant; Brooklyn, NY
Completion Date: December 2009
Total Development Cost: $6.5 million

      New construction and sale of 11 three-family homes in the Bedford-Stuyvesant section of Brooklyn under the NYC Partnership and HPD’s New Foundations Program. Financing by HPD, NYS Affordable Housing Corp., BPD Bank, and owner equity.

Industrial/Commercial Space

349 Suydam Street

349Suydam

349 Suydam Street. Brooklyn, NY
Completion Date: July 1997
Total Development Cost: $9 million

      This 43,000 square foot factory loft building located in Bushwick had been abandoned, foreclosed, and owned by the bank. It stood vacant and burnt out when we purchased the building and gut rehabilitated the space. CDI repositioned the factory building into 8 individual industrial loft spaces, each one about 4,500 square feet and completely self-contained with bathrooms, utilities, and a heating and hot water system.
     These newly rehabilitated lofts space attracted high-fashion, skilled knitters, and the building now employs over 100 neighborhood residents. This project was funded through owner equity, with assistance from the NYC ICIP tax abatement Program.

Powell Plaza

PowellPlaza


Powell Plaza. Harlem, NY (residential & commercial)
Completion Date: November 2002
Total Development Cost: $5.4 million

      Gut rehabilitation and conversion of four formerly city-owned vacant buildings in Harlem into a condominium project with 36 residential units and 4 commercial units. Construction financing by Chase Manhattan Bank, the Upper Manhattan Empowerment Zone (UMEZ), SEEDCO, and developer’s equity. Permanent financing by individual end loans and NYS Housing Trust Fund.

Myrtle-Menahan Commercial Building

934CarrollStreet

Myrtle-Menahan Commercial Building. Bushwick; Brooklyn, NY
Completion Date: November 2004
Total Development Cost: $1.5 million

      New construction of 4 rental storefronts totaling 8,000 square feet at Myrtle and Menahan Streets in the Bushwick section of Brooklyn under HPD’s ANCHOR Program. Financing by owner equity.

Preservation & Greening of Affordable Housing

64 West 9th Street

64W9

64 West 9th Street Brooklyn, NY
Completion Date: January 2003
Total Development Cost: 4.7 million

     
Related Press: A New Industrial-Style Rental:26 Lofts On Onetime Bakery Site (New York Times)

934 Carroll Street

934CarrollStreet

934 Carroll Street. Brooklyn, NY
Completion Date: July 2008
Total Development Cost: $2 million

      The 59-unit building on Carroll Street was partially vacant, drug-infested, and in need of moderate rehabilitation. In addition to renovating the interior and exterior with tenants in place, we focused our renovation efforts on making the building as energy efficient as possible.
      CDI utilized incentive programs through the New York State Energy Research and Development Authority (NYSERDA) and the United States Department of Energy through NYS HCR to install efficient boiler, roof and pipe insulation, highly energy efficient windows, a solar photovoltaic system on the roof, low flow faucets and shower heads and energy efficient lighting. Through these energy efficiency measures, we reduced energy costs by forty percent. Financing was provided by NYSERDA, NYS Weatherization Assistance Program, Amalgamated Bank and Owner Equity.