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Phipps Buys Factory Destroyed in Fire

New York

Phipps Houses, the largest nonprofit affordable housing developer in the city, is in contract to buy a former food processing plant in eastern Cypress Hill for $38M. The Blue Ridge Farms facility, at 3301 Atlantic Ave., consists of a factory destroyed in a fire in 2012, and a cluster of properties around it. The area is part of Mayor de Blasio's proposed rezoning of East New York, and could become a mixed-use development, NY YIMBY reports. The rezoning allows for a building of up to 120 feet. [YIMBY]