On October 6, 2016, Brooklyn A’s Community and Economic Development (CED) Program closed on a private property acquisition for our long-term client, Cypress Hills Child Care Corporation (CHCCC).
The acquisition of the approximately 10,972 sq. ft. vacant building, located at 3285-3287 Fulton Street, comes at a critical time. Cypress Hills/East New York faces a shortage of high-quality, affordable child care, and the problem stands to worsen as a result of the neighborhood’s recent rezoning. The new location will provide CHCC with long-term security from ever-rising commercial rents, and the opportunity to invest in long-term initiatives that will strengthen the families of Cypress Hills.
CHCC currently has a waiting list of over 100 children. The rehabilitated space will help the organization expand its high-quality child care and early education services to an anticipated 91 additional children, ages 2-4 years old, from low-income families in the Cypress Hills community, and provide continual educational, health, and parental involvement services.
Despite the uniquely challenging negotiation and closing process, the CED Team, including Paul Acinapura, Co-Executive Director, Jessica Rose, Director of the CED Program, Meah Clay, Senior Staff Attorney, Jennifer Kubicki, Senior Staff Attorney and Caroline Gross, Staff Attorney and Simpson Thacher & Bartlett LLP Extern, along with the teams from CHCCC, Cypress Hills Local Development Corporation, Inc. and Hester Street Collaborative, successfully completed the first major phase of the project. The Brooklyn A CED team will continue to support and advise CHCCC throughout the construction and operation of their new Cypress Hills child care center.
The acquisition was funded, in part, by Council Member Rafael Espinal, The New York City Council, the NYC Economic Development Corporation, Local Initiatives Support Corporation, The Contact Fund LLC, and The New York Pooled PRI Fund, LLC.