Nearly 100 middle-income units sit vacant at Brooklyn’s Pacific Park development

Posted On Mon, November 6, 2017 By

Posted On Mon, November 6, 2017 By In affordable housing, Brooklyn, Prospect Heights

Photo of 535 Carlton Avenue, courtesy of Max Touhey for Greenland Forest City Partners

In July 2016, the lottery opened for 298 mixed-income rentals at 535 Carlton Avenue, part of the sprawling Pacific Park complex, in Brooklyn. But now, more than a year later, about 95 units remain vacant at the Prospect Heights site, as City Limits reported. Despite over 93,000 New Yorkers applying for the nearly 300 units within just eight weeks, the applicants were rejected because they did not make enough money to qualify for those specific units. The 95 vacancies, the most expensive apartments at Pacific Park, are reserved for households that earn between 135 and 165 percent of the area median income, which translates to $74,606 and $173,415 annually. Unable to secure tenants for this income bracket, developer Greenland Forest City Partners (GFCP) placed advertisements for the units on market-rate real estate websites.

GFCP selected COOKFOX in 2014 to design two residential buildings at the 22-acre site: 550 Vanderbilt Avenue and 535 Carlton Avenue. As 6sqft previously learned from a City Limits analysis, out of the nearly 95,000 households sending in applications for the Carlton Avenue lottery, only 2,203 applicants were eligible for the 148-middle income units. Over 67,000 households applied for the 90 low-income units.

While lower-income households in search of affordable housing face much tougher odds than middle-income applicants, the middle-income applicants haven’t shown much interest in applying for the affordable units. Open market units advertised include a $3,223 per month two-bedroom, $2,680 per month one-bedroom and a $2,137 per month studio.

The building on Carlton Avenue was the first to open at Pacific Park, formerly known as Atlantic Yards. SHoP Architects also designed a 23-story building at 38 Sixth Avenue, the third residential building at the complex. In agreement with the state, GFCP planned to build 2,250 affordable units at the site by 2025.  The $4.9 billion development will deliver a total of 6,430 new units in 14 residential buildings, with 2,250 of them affordable.

Housing lotteries set aside for New Yorkers earning 130 and 165 percent of the AMI is not uncommon. A lottery recently opened for affordable units in Downtown Jamaica that range from $1,729 per month studios to $2,611 per month two-bedrooms, for residents earning between $61, 612 and $170,115 annually.

A spokesperson for Forest City New York, Ashley Cotton, told City Limits: “Unfortunately, many middle-income families desperate for good, affordable housing are unaware that they are eligible for these rent-stabilized residences.”

[Via City Limits]


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Neighborhoods : Prospect Heights



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