Condos Will Feature Affordable Family Units

An eight-story, 69,300-square-foot building containing large, family-sized affordable condominium units will soon rise in Midwood. The Community Preservation Corporation (CPC), a not-for-profit mortgage lender for affordable housing, reports that it has provided a $14.3 million construction loan for the development. Designed by Brooklyn-based Bricolage Designs, the new building, at 1535-1543 East 19th Street, between Avenues O and P, will be constructed on a site comprised of three lots, one vacant and the others with two-family homes that are being demolished.

The 43-units will include four studios, nine one-bedroom units (three will be duplexes), five two-bedroom units, 20 three-bedroom units and five four-bedroom duplexes. The units are expected to sell for $445 per square foot and range in price from $203,810 for a 458-square-foot studio apartment to $646,000 for a 1,615-square-foot four-bedroom duplex. There will also be a 566-square-foot community facility space and 27 indoor parking spaces.

The property is located between Avenues O and P and is within walking distance to a variety of shopping and retail services, as well as access to public transportation along Kings Highway. "CPC is proud to play a part in providing affordable housing in this vibrant community," said Mary Brennan, senior vice president and regional director of CPC's Brooklyn, Queens, Staten Island and Long Island office. "Midwood is an area characterized by one-to-four family homes and multi-family buildings. The neighborhood has seen significant development over the past few years."

The developer is Midwood Gardens LLC, whose sole principal is Donald Fishoff. Fishoff is the president of Inter-Ocean Industries and Bellarno International, both international trading companies dealing with the distribution of brand name consumer electronics and the sales of designer fragrances and skin care products, respectively. He is currently developing a 72-unit condominium in upstate's Hudson Valley, which CPC is also financing, according to Brennan.

Mark Spitzer, a principal in Sbeny Holdings LLC and an active developer of commercial and residential properties throughout the city, was designated as construction manager for the project.