United Fund Advisors

1000 Dean Street

A historic 150,000-square-foot commercial building reimagined as a hub for small, creative businesses in the Crown Heights neighborhood of Brooklyn

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PROJECT LOCATION:

Brooklyn, New York

THE PROJECT:

1000 Dean Street is a historic 150,000-square-foot commercial space created through the conversion of three adjacent buildings. Today, it provides affordable office space to about 100 small, local businesses, including start-ups, designers, artists. 1000 Dean also includes a beer hall and food court as well as an event space that showcases local food purveyors, artists and entertainers. 1000 Dean Street is a center for synergistic, creative businesses that has a significant trickle-down effect on the local community not only in terms of economics but the social vibrancy and other quality-of-life measures.

The three rehabilitated and repurposed structures include:

  1. A four-story building, originally constructed as the service building for the nearby Studebaker showroom, which provides affordable workspace for creative professionals.
  2. A single-story structure with a raised loading dock that houses event space that's available to local non-profits, community groups, schools and residents.
  3. A single-story, garage-like structure repurposed as a 9,000-square-foot beer hall and food court.
PROJECTED COMMUNITY IMPACTS:
  • Create 175 construction jobs and 425 jobs at tenant-businesses.
  • Provide goods and services to low-income residents through a diversity of small-business tenants to low-income residents including education, healthy foods, arts and culture as well as technology, architecture and design.
  • Provide tenant businesses with a variety of office spaces that have flexible lease rates.
  • Attract minority- and women-owned subcontractors and tenants.
  • Create environmentally sustainable outcomes by incorporating smart growth principles into the transit-oriented redevelopment and remediating environmental contamination.
  • Serve as a catalyst to invigorate business activity in Crown Heights, a neighborhood that has historically lacked private and public investment, and support non-profit community development groups.
COMMUNITY PROFILE:
  • Poverty Rate: 31.1%
  • Median Family Income: 49.8% of the benchmark
  • Unemployment Rate: 3.31 times the national average
  • FEMA Disaster Area
FINANCING:
  • Total Project Cost: $27.4 million
  • NCF Deployed Allocation: $15.0 million
  • Total NMTC Allocation: $26.0 million
PROJECT PARTNERS:
  • United Fund Advisors (National Community Fund I, LLC)
  • New York City Economic Development Corporation
  • Waveland Community Development, LLC
  • Goldman Sachs, Brownstoner Media, LLC
  • BFC Partners