Today, an intrepid reporter at the Daily News dug up a very juicy nugget of real estate news in a recommendation Brooklyn borough president Eric Adams recently filed with the City Planning Commission: Mr. Adams would like to open a 4-mile stretch of Brooklyn’s Broadway to development.
For those of you who aren’t familiar with the layout of North Brooklyn, Broadway is one of the major roadways in the area. In fact, a large section of it is covered by the elevated JMZ subway line–which makes the route perfect for real estate development.
According to the Daily News, another reason President Adams chose the roadway is because the neighborhoods along its route, which include South Williamsburg, Bed-Stuy, Bushwick and Ocean Hill, aren’t as heavily populated and could easily handle a spike in residents.
The height limits on the new buildings would be 10 stories with 50 percent going at market rate, 30 percent going at a middle-income rate and 20 percent going for a low-income rate. What’s more, the idea fits well with Mayor De Blasio’s soon-to-be laid out plans to increase the amount of affordable housing by 200,000.
President Adam’s plan goes before the City Planning Commission on May 7 with a vote to follow down the road.
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