Atlantic Ave Brooklyn (West), LLC Plans 158-Unit Affordable Tower at 2797 Atlantic Avenue

Atlantic Ave Brooklyn (West), LLC plans to build a 14-story, 158-unit affordable housing development at 2797 Atlantic Avenue in Brooklyn, with an estimated total project cost of $122,353,453, according to a notice issued by New York State Homes & Community Renewal (HCR) on Nov. 10, 2026. The project, known as Atlantic West, will be called 141 Van Siclen Avenue upon completion.

Atlantic Ave Brooklyn (West), LLC Project Details

HCR's combined notice describes new construction of a 14-story building on a 0.51-acre site, equivalent to roughly 22,216 square feet of land. The 158 apartments are intended for families and individuals earning no more than 60% of area median income (AMI), and the development will include 97 units of supportive housing.

The site is in the Brooklyn neighborhood of East New York, with Atlantic Avenue to the south, Hendrix Street to the east and Van Siclen Avenue to the west. An existing structure on the site will be demolished to make way for the new building. Construction is estimated to last 32 continuous months.

The estimated project cost works out to approximately $774,389 per apartment.

Building Design and Amenities

The building will include three elevators, a multipurpose community room, a lobby with seating, a fitness room, a computer lab, a library, a children's playroom, bike storage, a mail and packaging area, and laundry facilities. The site will contain a courtyard, an outdoor tenant garden and a children's outdoor playground. The anticipated use of the ground floor is community retail and/or community facilities.

The building is being designed to conform with the Enterprise Green Communities Criteria and Energy Star Multifamily New Construction Criteria, and it will meet New York City Conservation Code requirements. It will have a partial cellar on the southern portion of the site and be slab-on-grade on the northern portion. Public water and sewer are available at the site.

Environmental Review and Federal Funds Release

HCR, acting through the New York State Housing Trust Fund Corporation, said it will submit a request to the U.S. Department of Housing and Urban Development (HUD) on or about Nov. 27, 2026, for the release of eight project-based vouchers under Section 8(o)(13) of the U.S. Housing Act of 1937. The vouchers would authorize Atlantic Ave Brooklyn (West), LLC to undertake the project. The eight vouchers represent about 5.1% of the planned units.

HCR determined the project will have no significant impact on the human environment, so an Environmental Impact Statement under the National Environmental Policy Act of 1969 is not required. In consultation with the New York State Office of Parks, Recreation, and Historic Preservation, acting as the State Historic Preservation Office, and other consulting parties including Tribal Historic Preservation Offices, HCR also determined that no historic properties, including archaeological and historic resources, will be affected.

The public may submit written comments on the Environmental Review Record to Carlos Barbosa, HCR's certifying officer, by Nov. 25, 2026. HUD will accept objections to the release of funds through Dec. 14, 2026, or for 15 days following its receipt of the request, whichever is later, and only on limited grounds specified in federal regulations.

Neighborhood Housing Need and Market Context

The environmental assessment cites a 2022 study by AKRF concluding that New York City will need approximately 560,000 new housing units by 2030 to accommodate expected population growth. For Brooklyn Community District 5, the assessment says more than half of residents are rent burdened and almost 30% have incomes below the city's poverty threshold. It also reports that East New York ranks seventh citywide in crowding, averaging more than 1.5 people per room, and consistently ranks at the highest level on the city's Heat Vulnerability Index.

The assessment notes that Brooklyn's population grew 9.2% between 2010 and 2020 while the supply of vacant units fell 18.7%, which it describes as the fastest population growth and sharpest vacancy decrease among the five boroughs. A site-specific market study by Newmark found a weighted average capture rate of 1.50% for the area, which the assessment characterizes as indicative of strong market support. The study also found that rents for local market-rate housing continue to rise.

The site is one block south of the Fulton St-Van Siclen Ave J/Z subway station and less than half a mile north of the Van Siclen Ave C station. A Q24 bus stop sits on Atlantic Avenue directly in front of the site, and the Broadway Junction transit hub is less than a mile to the west.

Public Financing Backdrop

New York's affordable multifamily production typically relies on layered public financing. HCR identifies tax-exempt bonds, subsidy loans and 4% and 9% Low-Income Housing Tax Credits as core tools for affordable housing construction and preservation. Its 2026 financing guidance says tax-exempt private-activity bonds can generate 4% federal tax credits, while subsidy programs and state tax credits can help close financing gaps.

Other Brooklyn affordable projects have moved forward in 2026. HCR announced nearly $1 billion in statewide affordable housing financing, including $124 million for Vital Brooklyn Alafia Phase 3, a 273-unit Brooklyn development. HCR also announced the start of construction on Bartlett Crossing, a $71.5 million, 78-unit Brooklyn project financed with approximately $26 million in LIHTC equity, $7.2 million in subsidy and $23 million from New York City HPD.

With all 158 apartments restricted to households earning no more than 60% of AMI, Atlantic West's economics are likely to depend on public subsidy and tax credits rather than market rents alone.

Sources

• New York State Homes & Community Renewal: Combined Notice of Finding of No Significant Impact, Intent to Request Release of Funds, and Section 106 Determination