In recent years, New York has been facing a slowdown in new housing development. Against this backdrop, Empire Management is bringing a new residential building to Cypress Hills. The project will also offer Brooklyn residents mixed-use features such as a commercial space, bike storage, and outdoor amenities.
Highlights
- Empire Management will develop a new eight-story residential building at 229 Shepherd Avenue in Cypress Hills.
- The Brooklyn development possesses mixed-use features like for-rent commercial space, bike storage space, etc.
- As of now, developers have not shared plans regarding the affordable housing aspect of this NYC-based project.
New Development to Replace Retail Building by White Castle
The real estate scene of Brooklyn is headed for a positive shift as real estate firm Empire Management recently announced plans for a new project. An eight-story residential building will add 99 residential units to the neighborhood at 229 Shepherd Avenue in Cypress Hills.
According to a filing with the New York City Department of Buildings, Empire Management will construct the building in a 64,014 sq. ft. area. The new building will be a replacement for White Castle’s single-story retail building in the Brooklyn area. The residential building will also replace the existing parking lot.
Details of the Latest Cypress Hills Project
The new eight-story residential building by Empire Management will offer the Cypress Hills locals five apartments on the first floor. A bike storage area, a laundry room, a for-rent commercial space, and a lobby will also be developed on the same floor.
Starting from the second to the sixth floor of the 99-unit building, residents will be offered 14 units on each floor. The seventh and eighth floors will include 12 units each. An outdoor space spread over a 783 sq. ft. area will also be developed on the seventh floor.
For now, there is no information regarding the affordable housing part of the Cypress Hills development. The Brooklyn area is home to many other affordable housing projects, including those at 365 Shepard Avenue, 254 Euclid Avenue, and 265 Logan Street.
The Newest Mixed-Use Project Arrives Amid Housing Crisis in NYC
New York has been battling a housing crisis for quite some time now. State and city officials have been implementing steps like tax breaks and rezoning to incentivize affordable housing developments. In the midst of this, the latest Empire Management project promises to boost Brooklyn’s residential infrastructure.
With mixed-use features, the Cypress Hills development is further expected to contribute to NYC’s overall real estate landscape.
