A partnership of Camber Property Group, Institute for Community Living and New York City’s Department of Social Services has officially opened 2886 Atlantic Ave., bringing online 182 affordable apartments in Brooklyn, N.Y.
Camber Property Group paid $68.8 million for the asset in June, backed by a $94.3 million loan issued by UMB Bank, Yardi Matrix data shows. The Jay Group sold the property after it had received a $52 million construction loan from Cross River Bank in 2023.
The property rises 11 stories, about 6 miles from downtown Brooklyn, within walking distance of three subway stations. Floorplans include studio, one- and three-bedroom units, while the amenity package includes floor-to-ceiling windows, coworking spaces, a gym and a lounge, among other features.
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Institute for Community Living, a provider of behavioral health care and recovery services, will operate and manage the community.
This marked the first Brooklyn community to launch under the Affordable Housing Services program. The initiative has delivered 835 units since its inception in 2024. By adding awarded units to the count, the apartment figure tops 1,000.
On the owner side, the program fast-tracks development, while on the resident side, it speeds up contract registration and provides vouchers dubbed CityFHEPS, typically targeting those at risk of or experiencing homelessness, as well as veterans, among other groups.
Upward of 60,000 households across New York utilize these vouchers, marking the second-largest rental subsidy program across the U.S. However, there are more than 13,000 awarded vouchers to residents who are unable to find housing due to a shortage of supply, emphasizing the reason behind the Affordable Housing Services program launch.
Affordable Brooklyn deliveries to decline
Brooklyn’s pipeline comprised some 4,600 units inside fully affordable projects as of October, making up 22.3 percent of the total underway apartment count, according to Yardi Matrix data.
The data provider expects 980 affordable apartments to come online throughout 2025, marking a 60 percent decline compared to 2024. This year’s entire estimated income-restricted completions will make up 9 percent of total multifamily deliveries, which themselves will comprise 6.37 percent of stock, the same source shows.
The borough’s pipeline may grow further as the City Council approved a rezoning initiative earlier this year. Dubbed the Atlantic Avenue Mixed Use Plan, the proposal allows the creation of 4,600 new multifamily units, including 1,900 affordable apartments.
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