Financing has closed for the $607 million comprehensive modernization of Nostrand Houses, a 16-building public housing development at 2241 Batchelder Street in Sheepshead Bay, Brooklyn. That number stopped me.
The project will fully rehabilitate 1,148 apartments and modernize building systems across the development for approximately 2,000 residents. The scope also includes new elevators, upgraded security systems, enhanced accessibility, and a new on-site property management office staffed by more than 40 personnel.
The closing, finalized on September 29, is the first to be reached through the Public Housing Preservation Trust. I read this as a test of the new model.
The milestone comes nearly three years after Nostrand Houses residents voted in December 2023 to become the first NYCHA development to join the Trust. The Trust Board approved Community Modernization Group, a joint venture led by SLSCO LP, as design-build team for what was then scoped as a $400 million renovation.
Every kitchen and bathroom will be renovated down to the wall structure, with new finishes, fixtures, and plumbing components. Accessibility improvements span 81 apartments upgraded for residents with mobility needs and 48 for residents with visual or hearing impairments.
Three additional NYCHA developments, Bronx River Addition, Unity Towers, and Hylan Houses, have since voted to join the Trust, with further elections ongoing.