1510 Broadway: A Story of New York in One Building

In the heart of Brooklyn’s Bedford-Stuyvesant neighborhood, the newly developed 1510 Broadway stands as a reflection of New York City itself. Diverse, dynamic, and full of promise, the building serves as a microcosm of the city, capturing what it truly means to live, grow, and belong there.

What was once a long-vacant lot is now home to 107 thoughtfully designed affordable homes. These homes were made possible through the NYC Department of Housing Preservation and Development’s Extremely Low and Low-Income Affordability (ELLA) Program. They serve households earning between 30 and 80 percent of the Area Median Income, representing the full spectrum of New Yorkers who keep the city moving: individuals just starting out, families building their future, people transitioning out of homelessness, and neighbors living with disabilities.

At the helm of this transformation is MacQuesten Development, LLC, a firm with a deep commitment to building inclusive, high-quality housing across New York. Known for its innovative approach and community-first mindset, MacQuesten brought vision and leadership to every stage of the project, from concept to completion. Their dedication to creating spaces that uplift neighborhoods and empower residents is evident throughout 1510 Broadway.

Each home was built with real life in mind. From studios to three-bedroom units, every apartment includes modern features such as waterproof luxury vinyl flooring made from recycled materials, energy-efficient appliances, air conditioning, and secure entry systems. Shared amenities, including landscaped terraces, a 1,400-square-foot community room which leads out to a beautiful 6,000 square foot landscaped recreation area with multiple seating areas, bike storage, on-site laundry, and package lockers offer both comfort and connection. A live-in superintendent and full-time porter provide daily support to maintain the space.

“It is always a privilege to contribute to the development of affordable housing in my home state of New York, particularly for individuals who were formerly homeless. Additionally, 1510 Broadway offers the benefit of collaborating closely with Rella Fogliano and the MacQuesten Development team, which is a certified Women Business Enterprise in New York City, as we work together to make a meaningful impact.” - Neala Martin SVP, Originator

Designed by the award-winning architects at GLUCK+, the building’s angular form is more than just visually striking. It was created to maximize natural light while shielding residents from the elevated train nearby.

Several homes are reserved for residents of Brooklyn Community Board 16 and employees of the city, helping ensure that people can remain rooted in the neighborhoods they work within. In a city where rising costs often lead to displacement, 1510 Broadway offers something increasingly rare: the chance to stay.

Outside, the building brings new energy to the street with 9,105 square feet of ground-floor retail space. Tenants like Chipotle Mexican Grill support local jobs and attract fresh foot traffic to the block. With the J, M, and Z subway lines just steps away, residents enjoy seamless access to schools, jobs, healthcare, and cultural destinations.

"First and foremost MacQuesten is grateful to the City of New York to have been awarded this site under its MWBE RFP. CREA and [investor partner] have been wonderful and supportive partners. This site was a very challenging one considering its proximity to the elevated subway line and a Brownfield cleanup that required us to dig over 30 feet below street level. When we were approached by the MTA to create a the first vault for the a future elevator to the subways station, we didn't hesitate. Although it added a layer of complexity to the financing, helping the disabled is a worthy cause." - Rella Fogliano CEO, MacQuesten Development, LLC

At every level, 1510 Broadway reflects what makes New York extraordinary. It is vibrant yet grounded, ambitious yet accessible, designed for today and built for generations to come. It proves that affordable housing doesn’t have to sacrifice design, dignity, or community; it can embrace all three.

At CREA, we’re proud to support developments like 1510 Broadway because we believe home is more than a place to live. It’s a foundation for opportunity, a place where dreams unfold, routines are built, and futures take shape. In a city filled with stories, everyone deserves a home where theirs can continue.

Financing

In addition to LIHTC equity, 1510 Broadway is financed with $8.03MM of Brownfield Tax Credit equity from the Brownfield Cleanup Program, $35.88MM short-term tax-exempt bonds and $11.60MM long-term tax-exempt bonds, a $7.02MM HDC subsidy loan, a $10.41MM HPD subsidy loan, and a $500K Reso A funds loan.

Economic Impact

Based on averages provided by the National Association of Home Builders, 1510 Broadway will generate over 133 jobs and $8.5MM in local income within its first year, as well as $2.6MM in local income annually.

*Source: National Association of Home Builders. Note: Totals are based on national estimates regarding the economic impact of residential construction for the U.S. economy as of April 1, 2020.