Real Estate Weekly
Image default
Deals & Dealmakers

$100,000 new benchmark for affordable apartments

City Point 1, the Downtown Brooklyn mixed use project co-developed by BFC Partners, Washington Square Partners and Acadia Realty Trust, is offering affordable housing studios for people making as much as $99,825.

According to an advertisement from New York Housing Development Corporation, 76 studio apartments in the building have been set aside for affordable housing.

These include two $500 per month apartments for people who earn $18,515 to $24,200 per year, 13 $651 per month units for people making between $23,692 and $30,250 and 61 $1621 per month apartments for people who earn $56,949 to $99,825 per year.

The lottery for City Point 1 apartments opened last week. The affordable housing options in the building range from studios to two bedrooms.

There are 74 available one-bedroom units in the property, with rental rates ranging from $538 to $2,038.

The most expensive one-bedroom apartment in the apartment can go to a two-person household making between $71,280 and $114,015 per year.

Two bedroom units, on the other hand, cost between $655 and $2,455.

The most expensive two bedroom apartment in the building can go to a four-person household that earn between $85,612 and $142,395.

According to DNAInfo, the top end of the earnings requirement for two-bedroom units amount to 165 percent of the area median income in New York City.

The property, which is located in 7 Dekalb Avenue, will have 250 units, 80 percent of which are classified as affordable. City Point 2, which is being developed by the Brodsky Organization, will have 430 apartments. The tower will be entirely market-rate. Extell Development was awarded the rights to Tower 3 last June.

Applications can be submitted until September 24. According to the advertisement, residents of Brooklyn Community Board 2 will be prioritized for 50 percent of the units while municipal employees will be prioritized for 5 percent of the available apartments.

(Visited 1 times, 1 visits today)

Related posts

Uber gearing up for 3 WTC deal?

Sabina Mollot

South Koreans pay $5.8B for Anbang hotel portfolio

REW

WHO’S NEWS: Rudder Property Group announces the appointment of Matthew Werner as Director of Sales.

REW