New condo project at Sterling Place and Rogers

In case you haven't noticed, the old warehouse at this location has been demolished. In it's place is rising a five story, 82 unit condo project consisting entirely of one and two bedroom units. The developer is Alfred Thompson. Alfred has a long history in this area. He is also the co-director of an agency named Food First, who's mission statement states that it is dedicated to "serving the poor". Food First developed two large low-income projects in Crown Heights, one at the corner of Sterling Place and Bedford in the old Studebaker showroom. Below is an article from the NY Times about this project. The other is the former Knox Hat factory at St. Marks and Grand. Both utilized Federal low-income housing tax credit which projects deep subsidies to great low-income rental housing.

This may be Alfred's first shot at market rate housing. By the way, Alfred is also a CPA. I guess his numbers must add up because Citibank is lending him over $13 million to do this deal. Good luck Alfred! This marks a major shift in both Alfred's direction and the direction of the housing market in Crown Heights.

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February 13, 2000
POSTINGS: Former Showroom in Crown Heights, Brooklyn, Is Turned Into 27 Rental Apartments; Old Studebaker Building Has New Tenants
Alfred Thompson never owned a Studebaker. But Mr. Thompson, a Brooklyn-based developer, has long been a fan of the distinctive, futuristically designed car, which ceased being made in the 1960's -- and of the five-story Studebaker building at Bedford Avenue and Sterling Place that once housed offices and a big-windowed showroom.

''The Studebaker showroom in Detroit was turned into a jail, and I was determined to do everything I could not to have something like that happen here,'' said Mr. Thompson, executive director of Food First, a nonprofit developer of housing and supportive services for homeless, disabled and low-income families.

Two years ago his company bought the 1910 building, which in recent years was home to artists' studios on the upper floors and a church in the walled-over showroom. Since then, with the help of financing from the city, the company's subsidiary, New Start Group, has converted the structure into 27 low-income rental apartments. The studio, two- and three-bedroom units, from 485 to 925 square feet, are being rented to tenants earning $22,400 to $32,000 a year, depending on family size. All have been leased at monthly rents of $487 to $725.

''This project resulted in not just the creation of more affordable housing, but the preservation of a neighborhood's character,'' said Russell A. Harding, president of New York City's Housing Development Corporation, which provided the bulk of the public financing for the $3.3 million project.

Because the building got government financing and is eligible for listing on the State and National Registries of Historic Places, the developer agreed to put in replicas of the original wood-frame windows, restore the terra-cotta facade and keep the interior columns exposed.

Mr. Thompson said that the showroom was turned into two floors, to create enough units to make the project economically viable and to provide 1,500 square feet of ground-floor space for a supportive services center. Tenants have begun moving in. Mr. Thompson said that while many are too young to remember the Studebaker, ''they will come to know it'' through photos posted on bulletin boards. Another reminder is the circular sign on the facade with Studebaker written on it.


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