From Abandoned Site to Affordable Housing: The Story of 1024 Fulton Street

The Cost of Living in Brooklyn

Brooklyn, New York is one of the highest-demand boroughs of New York City. It is notoriously known for its trendy and diverse atmosphere, however; it is becoming increasingly known for its high living costs.

As the idea of affordability becomes a key factor for 2026 housing policies, it's making its way into Brooklyn; specifically, Bushwick. The neighborhood will soon see 125 new, 100% affordable rental units.

Current Average Rent

According to an article published by RentHop in early 2026, "Bushwick rentals average $2,872 for a studio rental to $4,800 for a 4-bedroom rental. The median price of all currently available listings is $3,675, or roughly $54 per square foot." RentHop also noted that rental prices have continued to rise for most apartment sizes, with the exception of one-bedroom apartments decreasing by .35% in the past year.

The graph depicts the stark increase in rental costs in Bushwick, Brooklyn. As shown, housing prices have hit an all-time high for studios. Two, three, and four bedroom apartments follow this trend.

While Bushwick rental prices have continued to rise, certain apartments in Brooklyn seem to remain steadier than the New York citywide average. As mentioned, one-bedroom apartments in Bushwick decreased by .35%, while the average NYC one-bedroom apartment increased by 7.3%.

The Issue Plaguing Unaffordability

Although Bushwick prices remain steadier than NYC's average, their market is not stabilizing. The biggest issue isn't simply if rental prices are decreasing or not; the biggest issue remains to be the availability of affordable and rent-stabilized buildings. As laid out by the Mayor's Public Engagement Unit, "Rent stabilization is a form of rent regulation; it helps combat the City's housing crisis by making sure some units remain affordable." However, these protections do not apply to every building in New York City, around half of all rental apartments remain unstabilized. As a result, adding more of these stabilized apartments is crucial in addressing Bushwick's affordability challenges.

The 'NYC City of Yes for Housing Opportunity' initiative is attempting to alleviate some of these burdens by changing zoning rules and making it easier to build additional housing throughout the city, including affordable and rent-stabilized housing options.

Many have argued that not enough is being done to ensure New York City's affordability, as many suffer through unexpected rent increases and have been pushed out of the city. That is exactly why Governor Hochul announced a new, affordable housing development plan. Here comes the rebirth of 1024 Fulton Street.

Developing Underutilized Sites for Affordable Housing

Scattered throughout all five boroughs are thousands of underutilized and vacant sites. According to the NYU Furman Center, nearly 3,000 city-owned (or leased parcels) have no active use. This is 417 million square feet of land that has high potential for new housing development. One example of this approach is 1024 Fulton Street, an underutilized state-owned site that is now being transformed.

1024 Fulton Street has been neglected and abandoned for years. It was once home to "Brooklyn Union Gas", then "Goodwill", then the "Opportunity Industrial Center", and then the "Office of Children and Family Services", among other businesses. Due to the site's inability to sustain commercial tenants, these were all massive failures. However, 1024 Fulton Street has never been redeveloped into housing, crazy right?

In fact, in 2014, The Brooklyn Housing Development Corporation claimed they would turn this location into an affordable housing development for the elderly and veterans, yet, that promise never came to fruition. But now, Governor Hochul plans to develop the underutilized site and transform it into a 100% affordable housing development. She said,

"New York is proving that when we leverage state-owned land and listen to communities, we can build the affordable housing that our neighborhoods and our state needs," Governor Hochul said. "This development will deliver 125 affordable homes and a purpose-built community center that responds directly to what Clinton Hill residents asked for — housing for a wide range of households and families, services for older adults and children, and a healthcare presence in the neighborhood. This is community-driven development at its best, and it's exactly the kind of investment we need to address our housing crisis."

The time for affordable housing is now, and lawmakers are finally starting to act.

The New and Improved 1024 Fulton Street

1024 Fulton Street will include 125 permanently affordable housing units. It will offer units ranging from studio apartments to three-bedroom units to accommodate families of varying sizes and income levels. Not only that, but this site will apparently bring a 27,000 square foot community center (providing educational programming, childcare support, and senior services) and a 1,000 square foot health clinic (operated in partnership with One Brooklyn Health).

Behind this massive affordability win was a coalition of three distinct non-profits, being Fifth Avenue Committee (FAC), Bedford Stuyvesant Restoration Corporation (BSRC), and One Brooklyn Health (OBH). The decision to invest into this development was made carefully. Importantly, it kept constituents involved and in mind. In 2024, the New York State Empire State Development held a number of meetings with the public to gauge what their needs were. In these meetings, it became clear that the neighborhood needed affordable housing, community, and early childhood education.

Additionally, this project is a broader statewide strategy of repurposing publicly owned land to address housing shortages that affect thousands of people. This approach is being replicated in other boroughs as well.

Timelines and Expectations

Though it is not clear when this development will be completed – Mayor Zohran Mamdani has pushed for an expedited process. They plan to hire local residents, minority and women owned business enterprises, and other construction workers to ensure a timely opening. Construction is expected to move forward soon and people remain hopeful for its new outcome. This emphasis on local hiring not only supports faster construction but also reinvests into the surrounding community.

Closing Thoughts

For far too long, New Yorkers have suffered the high living costs associated with metropolitan areas. In the past, lawmakers, politicians, and city officials alike have not done enough to alleviate the exorbitant costs of living in the city. Yet as affordability becomes the key agenda of 2026 nationwide, officials are finally taking the meaningful steps we need.

This new development on 1024 Fulton Street in Brooklyn will not fully solve the city's affordability crisis. But it will help a group of individuals and families remain in the communities they call home, rather than being displaced and priced out of the city.

As Mayor Mamdani said,

"This investment in affordability, community, and public health in Central Brooklyn is a declaration that our city can and must deliver an affordability agenda that puts people before profit, and ensures every New Yorker has a place to call home."

While challenges will remain, projects like this one indicate a shift toward community driven urban development, and that is exactly what we need.

Sources

• renthop.com/average-rent-in/bushwick-new-york-ny
• nyc.gov/site/mayorspeu/programs/rent-stabilization.page
• furmancenter.org — development potential of NYC's city-owned land
• brownstoner.com — Building of the Day: 1024 Fulton Street
• governor.ny.gov — Hochul announces nonprofit partnership to transform 1024 Fulton
• esd.ny.gov/1024-fulton-street-mixed-use-project
• pix11.com — 125 affordable units coming to one of NYC's priciest neighborhoods
• hcr.ny.gov/node/76406