1501 Pitkin
Brooklyn, NY

GOAL
Provide new job opportunities in a low income community and access to quality k-12 education.
CHALLENGE
Provide financing that enabled the developer to offer affordable and flexible lease terms to the charter school tenant.
OUTCOME
Estimated to created and/or maintain 170 permanent jobs and educational opportunities for 1,000 students, while revitalizing a commercial corridor.

The Rose Urban Green Fund, LLC (RUGF), a CDFI-certified Community Development Entity (CDE), contributed an $11 million allocation of New Markets Tax Credits (NMTC’s) to POKO Partners, a New York City based community development firm, to finance the adaptive reuse of the former Pitkin Loew’s Theatre in the Brownsville section of Brooklyn. Built in 1929, the theatre was an architectural icon that has since deteriorated. The rehabilitation will result in a green mixed-use development including 84,000 square feet of charter school space to be leased by an existing Charter Management Organization, Ascend Learning (Ascend) and 64,000 square feet of community serving retail, anchored by a major retailer. 

In partnership with Carver Community Development Corporation, Empowerment Reinvestment Fund and Nonprofit Finance Fund, RUGF provided a total of $43 million in NMTC allocation for this project. The Goldman Sachs Urban Investment Group, Seedco Financial and Nonprofit Finance Fund provided leverage loans. The project also benefited from 10% Rehabilitation Tax Credits.

1501 Pitkin will be the first major expansion of retail development on Pitkin Avenue in over 40 years and will create a stable anchor for the neighborhood by providing approximately 170 permanent jobs, with the majority available to low income people.

At full build out, Ascend Charter School will provide critically needed quality education for 1,000 children from the neighborhood.  The waiting list for Ascend’s existing school in the neighborhood is more than 4 times available capacity. Furthermore, Ascend will provide jobs for nearly 90 FTE employees.

1501 Pitkin is slated to receive LEED Gold certification and the charter school space will be built in conformance with the Collaborative for High Performance Schools, which focuses on resource efficiency, and increased student health and performance.

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RUGF Role
CDE Allocation of $11mm in New Market Tax Credits

Project Profile
Adaptive reuse of historic theater into space for a charter school and community serving retail
64,000 square feet of retail
84,000 square feet of charter school

Total Project Size / Budget
148,000 square feet / $49.3 million

Completion
2012

Community Benefits
Job Creation
Job Training
Access to Education
Environmental Benefits
Revitalize a Commercial Corridor
Reuse of Historic Building

NMTC Investor
The Goldman Sachs Urban Investment Group

Leverage Lender
Goldman Sachs Urban Investment Group
Nonprofit Finance Fund
Seedco Financial

CDE Partners
Empowerment Reinvestment Fund
Nonprofit Finance Fund
Carver Community Development Corporation