89 mixed-income units available at 43-story Downtown Brooklyn rental, from $1,407/month

May 22, 2023

Photo courtesy of Evan Joseph

A housing lottery opened this week for 89 mixed-income units at a new residential development in Brooklyn. Located at 540 Fulton Street, The Paxton offers residents luxury rental units and modern amenities in the heart of Downtown Brooklyn. New Yorkers earning 80 and 130 percent of the area median income, or between $50,812 annually for a single person and $215,150 for a household of seven, can apply for the units, priced from $1,407/month studios to $3,600/month three bedrooms.

Image courtesy of the NYC Department of Housing Preservation & Development

Developed by Jenel Management and designed by Marvel Architects, the 43-story mixed-use skyscraper includes 327 units, ranging from studios to three-bedroom apartments, and eight floors of office space. Residences feature state-of-the-art appliances, including dishwashers and in-unit laundry, as well as high-end finishes throughout.

Amenities at the Paxton include a live-in super, a gym room, a yoga-dance studio, a media room, an indoor lounge with a fireplace, kitchenette and dining areas, a business center, bike storage, package lockers, and a rooftop terrace with BBQ grills and a sundeck.

Leasing for market-rate units launched at the building earlier this year, with current availabilities priced from a $3,245/month studio to a $5,547/month two-bedroom.

The building will also contain The Paxton Offices, a 137,000-square-foot office space with an address of 532 Fulton Street, according to CityRealty. The office floors will measure roughly 9,700 to 13,400 square feet, with 16 to 20-foot ceilings, communal terraces, and floor-to-ceiling windows.


The Paxton is situated in prime Downtown Brooklyn, a bustling commercial and residential neighborhood home to several attractions, including the Barclays Center, the Brooklyn Academy of Music, Fort Greene Park, the Atlantic Terminal Mall, and more. Nearby public transit options include the B, D, N, Q, R, 2, 3, and 4 subway lines, as well as multiple bus lines.

Plans for The Paxton were first revealed in May 2017, as CityRealty reported. The new tower replaced a two-story ornate 1891 Romanesque-Revival building that was home to a variety of small retailers over the years. Its original tenant was the first Downtown Brooklyn location for F.W. Woolworth’s “five-and-dime store.” The original structure was demolished in December 2015, as 6sqft previously reported.

Qualifying New Yorkers can apply for the units until July 12, 2023. Preference for 50 percent of the units will be given to residents of Brooklyn Community District 2. Complete details on how to apply are available here. Questions regarding this offer must be referred to NYC’s Housing Connect department by dialing 311.

If you don’t qualify for the housing lotteries mentioned, visit CityRealty.com’s no-fee rentals page for other apartment deals in the city.


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