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Deal Spotlight

Martense Street

$ 0
Predevelopment costs funded
$ 0
City financing obtained
0 %
Projected energy cost savings
Front of brick building with fire escape

The Building: 256 Martense Street

Building type
Affordable multifamily

Building size
3,600 square feet
6 units

Year built

Brooklyn, NY

Project type
Energy efficiency

Multi-measure energy
efficiency retrofit

NYCEEC loan product
Predevelopment loan

1.5 years

The Project

256 Martense Street is an affordable rental building in Brooklyn, NY. The owner worked with the NYC Department of Housing Preservation & Development (HPD) to renovate the property to provide an upgraded, modern, and comfortable living environment for the residents. This required substantial predevelopment work which was funded by a NYCEEC predevelopment loan tailored to HPD’s Green Housing Preservation Program (GHPP).

Total project cost




City financing obtained*


Affordable housing units improved


The Results

The predevelopment loan funded a Green Physical Needs Assessment which in turn allowed the building owner to receive over $415,000 from HPD as part of their affordable housing programs. With these funds, the building was able to implement energy efficiency measures, including weatherization, new lighting, oil-to-gas conversation, and radiator. Importantly, the predevelopment loan also allowed the building owner to conduct an asbestos mitigation project, creating safer living conditions.

As a condition of the HPD financing, the property owner voluntarily entered into a 30-year regulatory agreement preserving the rents for all 6 units at affordable rates. The building had not received HPD financing prior to the NYCEEC loan.