R&E Closes on a Mandatory Inclusionary Housing Restrictive Declaration for Carmel Partners’ Development of 569 Residential Units in Brooklyn

by | Aug 31, 2023 | Industry Updates

R&E’s Daniel M. Bernstein and Nicholas DiLorenzo represented Carmel Partners in its development of a major new multifamily project at 54 Crown Street, Brooklyn. The Project will contain 569 apartments including 143 permanently affordable units and has just closed a Mandatory Inclusionary Housing (“MIH”) Restrictive Declaration with NYC’s Department of Housing Preservation & Development (“HPD”). R&E also advised Carmel Partners regarding the 421-a property tax exemption benefits vesting for the project before the June 15, 2022 deadline. R&E is proud to represent Carmel Partners in connection with its important new development, which, upon completion, will provide new housing including 143 permanently affordable apartments and significant amenities, just one block away from the Brooklyn Botanic Gardens.

R&E provides full-service representation and advice in every aspect of real estate, from performing due diligence and evaluating financing, to handling joint ventures, acquisitions and leasing, construction and design team agreements, property tax exemptions and abatements, land use and zoning matters, real estate tax protests and certiorari, co-op and condo offering plan filings, distressed situations and bankruptcies, trust and estate planning, as well as the litigations and negotiations which sometimes ensue when deal-making. R&E’s wealth of experience in New York real estate makes it the ideal thought partner for owners, developers, not-for-profit corporations, educational institutions, sponsors, equity investors and lenders in both real estate transactions and in all court venues.

If you have any questions, please feel free to contact your trusted Rosenberg & Estis, P.C. attorney or Daniel M. Bernstein, Member and Head of the firm’s Tax Incentives & Affordable Housing Department, or Nicholas DiLorenzo, R&E Of Counsel, who facilitated the above.