Projects

Amalgamated Warbasse Housing

Amalgamated Warbasse Housing

Amalgamated Warbasse Housing Cooperatives is a large union-sponsored housing cooperative located in Brooklyn’s Brighton-Coney Island community. It was built in the 1960s as affordable housing for union families, with the backing of the Amalgamated Clothing Workers, a forerunner of today’s UNITE HERE. The Mitchell-Lama cooperative consists of 2,585 residential units and 17 ground-floor professional units, as well as a small retail center.

The HIT assisted Amalgamated Warbasse in 1996 and 2003, with $33.4 million and $10.3 million in financing, respectively, to upgrade the property and maintain its affordability. In 2013, the HIT made an $89 million financial commitment to repair damage at the co-op resulting from Hurricane Sandy in October of 2012. The loan allows the co-op to replace the electrical distribution system that was destroyed by flooding, refinance existing debt at significant cost savings that will help keep the cooperative affordable for its residents, and replenish capital reserves depleted by Sandy expenses.

Together, these three commitments represent $132.7 million in total HIT financing and approximately 485 union construction jobs.

Location:

Brooklyn, NY

HIT Investment:

$132.7 Million
(3 investments)

Total Development Cost:

$136.4 Million
(3 investments)

Units:

2,585

Affordable Units:

2,585

Union Jobs Created:

approximately 485