Greenbelt
Please visit the greenbelt website
Objective:
This joint venture acquired an existing one storey warehouse in the Williamsburg section of Brooklyn, New York in order to undertake extensive renovation first floor commercial space and entirely new construction of four stories of residential condominium units. Estimated Project Budget: $5,500,000. We have obtained private capital for 25% of the project budget and Hudson Valley Bank has committed to fund the remaining costs of construction.
Development:
Breaking ground in March 2006, the joint venture will build a total of about 16,000 square feet consisting of four stories above and a cellar below the existing one storey building, demolishing only its front half. The existing building covers the entire lot.
We have obtained a grant from the New York State Energy Research and Design Authority to plan and subsidize energy efficient measures using environmentally sound building practices. We aim to obtain a LEED Gold rating for this “Green” Building. Hence the name “greenbelt” which refers to a positive spin on the City Beautiful notions seeking to maintain greenery in the paved and built landscape of urban space.
The new building above the commercial space will contain 8 new residential condominium units. Each floor will have 2 units of about 1100 square feet per unit, except on the top floor where the units are reduced in square footage by a fifteen foot setback from the street.