The latest tower to rise in the long-term Pacific Park (Atlantic Yards) mega-development is a market-leading tower on the corner of Pacific and 6th Avenue in Prospect Heights, once known as B5. The developer, The Brodsky Organization, has filed for a tax break under the state’s 421-a program and as a result the building has income-oriented, rent-stabilized units whose lottery launched last week. Interestingly, Brodsky doesn’t call them “affordable,” but rather “middle income.”
The 421-a program is set at a median area income of 130 percent — slightly more than the median income for the greater New York area. The apartments, designed by Marvel Architects and located at 662 Pacific Street across from Barclays, are larger and have a nicer finish than the average new construction in Brooklyn. As for the monthly rents, these are half the price of comparable “market conform” units in the same building known as Plank Road Apartments. The apartments are about the same or more expensive than a larger unit in an unstabilized antebellum apartment in the same area would be.
Rents start at $1,547 per month for a studio and end at $3,219 for a two-bedroom. Eligible incomes range from $53,040 per year to $167,570 for households of one to seven people. So a family of three with an income of $110,366 – to $139,620 would pay $3,219 a month for a two-bedroom apartment.
You can see all the details and apply through the city Housing Connect website. The lottery closes on January 18.
Luxurious amenities at the 312-unit rental building include a swimming pool, roof terrace and children’s lounge for an additional monthly fee. Each unit has its own washer/dryer and the rental rates include heat and hot water but no electricity.
Developed by Forest City Ratner, Pacific Park is controversial for its use of eminent domains for private, for-profit development. Following project delays, the Empire State Development Corp. commissioned in 2014 to deliver affordable housing on the 22-acre, 17-building complex by 2025.