It's been three-and-half years, a pile of lawsuits, and a glut of adjusted expectations since Forest City Ratner cut ribbon on that rusty steel arena at the intersection of Atlantic Avenue and Flatbush in Prospect Heights. In addition to a Brooklyn Nets home court, developer Bruce Ratner promised more than 2,000 affordable apartments across 14 residential buildings in Atlantic Yards (excuse us, Pacific Park Brooklyn)—a bone tossed to non-rich locals who argued that the entertainment complex would change the fabric of their neighborhood and drive up the cost of living.
When the Barclays Center opened, there were no affordable apartments to be seen. In June 2014, residential development still noticeably lacking, Forest City Ratner signed an agreement with the City and State to speed things up, under threat of millions in fines. The agreement calls for 2,250 affordable apartments by 2025—10 years ahead of the old timeline—and two entirely below-market rate apartment buildings before any more market rate construction gets underway.
Now the first lottery for 181 of those 2K+ below-market rate apartments is open, at 461 Dean, and will be for the next two months. Half of the units in the 32-story building are below-market rate, and winners get a 24-hour doorman, a yoga studio, a roof terrace, and an in-unit washer dryer. Of the whole lot, only ten apartments will be affordable for New Yorkers who make between 30-40% of the Area Median Income, or between $29,898 and $36,240 per year for a family of four. About 36 of the units will go to New Yorkers who earn between 141-160% of the AMI, or between $127,746 and $144,960 for a family of four.
Five one bedrooms will rent for $559 a month, 28 will rent for $770, and 16 will rent for $1,314.
Priority is going to residents of Community Boards 2, 3, 6 and 8, which encompasses wealthier neighborhoods like DUMBO, Park Slope and Brooklyn Heights, as well as numerous NYCHA complexes like the Farragut Houses and Gowanus Houses. A spokeswoman for Forest City Ratner emphasized that middle-income New Yorkers are a target here.
Here's the full AMI breakdown:
461 Dean received considerable hype, and then a lot of grief, for its modular design. Each apartment is comprised of steel frame modules that were assembled in the Brooklyn Navy Yard, supposedly down to the appliances and towel racks. City Limits reported last summer that half of the first 39 units sustained water damage early on. There were mold issues, and a lot of the mods ended up being assembled piecemeal on site.
Market-rate leasing at 461 Dean is expected to start this summer, with the first tenants moving in this fall. The next two buildings going up at the development, 535 Carlton and 38 Sixth Avenue, will be 100% below-market rate, with 600 units between them. They're also going to cater to "low-, moderate- and middle-income households" according to the developer. For each of them, the developer is receiving $11.75 million in city subsidies.
Mayor de Blasio, who's determined to construct and preserve 200,000 units of affordable housing over 10 years, praised the agreement, and Deputy Mayor Alicia Glen compared it favorably to the $11.6 million then-mayor Bloomberg poured into 461 Dean. “We’ve fundamentally changed how developers are working with the city to deliver affordable housing,” she said.