Marcus Garvey Apartments is a 625-unit Mitchell Lama property, spread across nine city blocks, in the Brownsville section of Brooklyn. It was built in the early 1970s and received major attention at the time for its innovative urban planning approach to low-rise, high-density affordable housing. Elements of the design included duplex apartments with private backyards or terraces; mews and street units; and most apartments have private front doors that open onto a stoop or mews. L+M Development Partners acquired the property in December, 2014. The complex will receive a complete renovation inclusive of façade panels and apartment renovations with new kitchens and bathrooms and updated energy efficient lighting.
L+M has partnered with Bright Power for the financing and installation of a large solar panel array on the roofs of most of the buildings. The $189 million TDC will be financed mostly by Citibank and HFA tax exempt debt through a back-to-back construction loan structure and tax exempt equity from Wells Fargo. Given its location in Brownsville, Marcus Garvey is a key aspect of the Mayor’s Housing Plan and the L+M development team is working with the City to improve not only the Marcus Garvey complex but the surrounding area as well.