The Garnet

The Garnet consists of an 11-story building located on Fulton Street between Troy Avenue and Albany Avenue in Bedford-Stuyvesant, Brooklyn. The Project consists of 103 residential units set aside for households earning no more than 40%, 50%, 80%, and 120% AMI. It was developed using the NYC HPD and NYC HDC M2 (Mixed-Middle) program. This program uses recycled tax exempt bonds and subsidy to create mixed income housing.

SMJ assembled the site over the course of two years by negotiating acquisitions with three separate private landowners and the City of New York. This effort yielded a 15,000 SF site with approximately 85,000 ZSF. Along with the residential units the Project will also include 11,000 SF of retail at grade.

Construction Start - July 2018

Completion Date - June 2021

Program - HPD/HDC M2

Architect - Shakespeare Gordon Vlado Architects

Construction Lender - Merchants Capital

For Profit Partner - BFC Partners