Proposed Development Brings New, Expanded Market for Small Businesses and Local Vendors, over 250 Units of Affordable Housing, Community Space, and New Retail
BROOKLYN, NY—New York City Economic Development Corporation (NYCEDC) today announced that the New York City Council has approved the de Blasio Administration’s plan to transform the Flatbush Caton Market, a local commercial and cultural institution, into a rejuvenated, mixed-use facility. The proposed plan will bring an expanded and renovated market, 250 units of 100% affordable housing, a new space for the Caribbean American Chamber of Commerce and Industry (CACCI), additional community space, and a commercial kitchen that will serve as an incubator space to support the long-term growth and vitality of dozens of local vendors and entrepreneurs.
The project will be partially supported by capital funding from the Brooklyn Borough President’s office, Council Member Mathieu Eugene, and the New York City Council.
“The renovation of Flatbush Caton Market offers a unique opportunity to preserve a cultural institution, foster the growth of local vendors and entrepreneurs, and create 100% affordable housing,” said NYCEDC President and CEO James Patchett. “We are thrilled that today’s City Council vote will allow us to move forward with our plan to rejuvenate a market that will continue to be a critical community and economic anchor for this neighborhood.”
“This new development is the product of extensive community engagement and brings both affordability and economic opportunity to Flatbush,” said HPD Commissioner Maria Torres-Springer. “With over 250 units of 100% affordable housing, hundreds of New York City families will be able to call Brooklyn home and with an expanded Flatbush Caton market and entrepreneurship training programs, local residents will have the resources and space they need to thrive. I’m thrilled the Council approved this plan and look forward to continuing to work with our City partners, the Council, and the community to see this project to fruition.”
“Since the beginning of my administration, I have been focused on the redevelopment of Flatbush Caton Market into a high-quality, mixed-use project to re-energize the surrounding Flatbush community and to be worthy of the residents and entrepreneurs invested in its success,” said Brooklyn Borough President Eric L. Adams. “Today, we celebrate an important milestone on the journey to opening the doors on an expanded market, hundreds of affordable housing units, and new community space to support our rich Caribbean diaspora. I am proud to be part of this broad-based revitalization effort that will help ensure the popularity of Brooklyn's brand translates to prosperity for every Brooklynite.”
“The new Flatbush Caton Market is an important project for the local community and all of Brooklyn. I have worked hard for years along with NYCEDC, the developer, the market vendors, and other stakeholders to secure more benefits for the community, and I am pleased to see that NYCEDC and the developer have made modifications to their original plans in order to provide additional affordable housing for those making less money, and job opportunities for those living in the community,” said Council Member Mathieu Eugene. “The new market will include a permanent home for the Caribbean Chamber of Commerce and Industry, something I have been working towards for many years. I am also pleased that by working together we were able to provide the vendors, who are the heart and soul of the market, with a year of free rent in a suitable temporary space. When the new market is complete, they will have the right to return to do business in the upgraded facility. I am looking forward to continuing to work with all of the parties involved in this project to ensure that people in the community benefit more from the new market.”
“Ever since my mother, the Honorable Dr. Una S.T. Clarke, led the effort to establish Flatbush Caton Market, it has become an extraordinary resource for local entrepreneurs who want to build and establish their businesses. Her vision led to a thriving enterprise that has been a destination of great significance to our local entrepreneurs and their customers, many of whom are immigrants fulfilling the promise of their American Dream,” said Congresswoman Yvette Clarke. “After redevelopment, the market will provide desperately needed affordable housing for hundreds of families, expanded opportunities for small businesses based in our community, and indoor space for families and children and a home the Caribbean American Trade Center that will serve as a hub for commerce in the heart of Brooklyn's Caribbean-American community. I want to thank Councilman Mathieu Eugene, the New York City Council, as well as Dr. Roy Hastick, the Caribbean- American Chamber of Commerce and Industry, and New York City Economic Development Corporation for their commitment to this project, which builds upon the vision of the Honorable Dr. Una S.T. Clarke and demonstrates that we have the ability to strengthen the economic viability of our local entrepreneurs and create fully affordable housing in Central Brooklyn.”
“I am very pleased to see the new visionary redevelopment of the Flatbush Caton Market,” said Dr. Una Clarke. “When the initial vendors were moved from the streets to the parking lot with a tent as cover, I never thought they would end up in a building. The community congratulates the de Blasio Administration for the redevelopment of the site to provide affordable housing while preserving the market as a small business hub.”
"The board is delighted to have helped to bring new affordable housing to the neighborhood and preserve the Flatbush Caton Market for its loyal patrons,” said Alvin M. Berk, chair of Brooklyn Community Board 14.
“The Flatbush Caton Market is a cornerstone of the Flatbush community and it is incredibly gratifying that Caton Flats is now officially underway,” said Meredith Marshall, Managing Partner & Co-founder of BRP Companies. “This shared vision, which is a collaboration between the market vendors, community, and elected officials, will elevate the market while all at once creating hundreds of new units of quality, affordable housing in the neighborhood. I commend Council Member Mathieu Eugene, Borough President Eric Adams, and the City on their leadership in advancing this important project, which will build on the legacy of the Flatbush Caton Market as a center of entrepreneurship and culture, and create new opportunities for affordable housing in the community.”
"We are so excited that with the assistance of New York City Economic Development Corporation (NYCEDC ), BRP Development Corp (BRP ), we were able to accomplish this goal, I applaud Mayor Bill de Blasio, Borough President Eric L. Adams, New York City Council Speaker Melissa Mark-Viverito, Council Member Dr. Mathieu Eugene, the Brooklyn Delegation and other Stakeholders for providing the support for this joint historic project in the East Flatbush section of Brooklyn” said CACCI President and Founder Dr. Roy A. Hastick, Sr. “This project will provide affordable housing in the 40th Council District, a new Flatbush Caton Market, a home for the Caribbean American Chamber of Commerce and Industry (CACCI) headquarters, and the Caribbean Trade Center.”
“A mixed-use space is the perfect complement to a thriving community and its hard-working vendors and entrepreneurs,” said Brooklyn Chamber of Commerce President and CEO Andrew Hoan. “This new development will not only provide a place for Brooklynites to live, but a place for them to grow and succeed. Kudos to the Mayor’s office, City Council and Borough President Adams for promoting the vitality of the Flatbush neighborhood.”
The Flatbush Caton Market project will create approximately 250 new residential units—all of which will be 100% affordable—with 22% available for low-income residents, 30% available for moderate-income residents, and 48% available for middle-income residents.
The new market will continue to anchor the corner of Flatbush and Caton Avenues, and new community space will support entrepreneurship through training and capacity-building programs. BRP, a Minority-Owned Business Enterprise (MBE) and the project’s developer, plans to partner with Urbane Development to provide robust educational programs focusing on management skills and business development strategies for small retailers. Additionally, BRP has committed to providing a temporary space for current market vendors, ensuring that the market will continue to operate throughout construction of the new facility.
Founded in 2001 with the support of former Council Member Dr. Una Clarke, the Flatbush Caton Market is home to many small businesses and micro-entrepreneurs, and serves as a vital cornerstone of the local Caribbean community. The project follows extensive discussions with local elected officials and community stakeholders, who identified the community’s desire to bring new affordable housing and jobs to the area while protecting the current market vendors and providing them with expanded support to help them grow. The redevelopment of the site will reinforce the market’s important role in promoting economic growth in the Flatbush neighborhood.
As part of the Mayor’s Housing New York plan, NYCEDC has continued to identify opportunities that promote mixed-use, mixed-income development and further the Mayor’s commitment to creating 200,000 affordable housing units throughout the five boroughs. In March 2017, NYCEDC and the Department of Housing Preservation and Development (HPD) announced a commitment to bring deeply affordable housing to the site of a former MTA bus depot on East 126th Street in East Harlem.
In January 2017, NYCEDC, HPD, and the Housing Development Corporation (HDC) announced plans to transform an underutilized New York Police Department (NYPD) parking garage in Jamaica, Queens into a mixed-use development that will include over 350 units of 100% affordable housing, recreational and commercial/retail space, which will generate hundreds of good-paying construction and permanent jobs.
New York City Economic Development Corporation creates shared prosperity across New York City’s five boroughs by strengthening neighborhoods and creating good jobs. NYCEDC works with and for communities to provide them with the resources they need to thrive, and we invest in projects that increase sustainability, support job growth, develop talent, and spark innovation to strengthen the City’s competitive advantage. To learn more about our work and initiatives, please visit us on Facebook, Twitter, or Instagram.