A Brooklyn apartment tower is giving new meaning to the concept “affordable.”
A lottery for available units at City Point 1 in Downtown Brooklyn opened last week. Three quarters of the building’s 200 units will be reserved for those making up to 165 percent of the median income in the area or $142,395 annually for a family of four, according to DNAinfo.
The area median income is $86,300 for a family of four, according to data from the city’s Housing Development Corporation cited by DNAinfo.
Of the development’s 76 affordable studios, two will be $500 a month set aside for individuals who make less than $24,000 a year. More than 12 studios — which will be rented for a monthly $651 — will be set aside for those making less than $30,000 annually. The rest of them, at a monthly $1,621, will be set aside for those who make up to $99,825 a year.
City Point Tower 1 will include 80 percent affordable units. The second tower will be entirely market-rate.
In June, Gary Barnett’s Extell Development picked up the last development site at the location. Extell paid $120 million to Washington Square Partners and Acadia Realty Trust, the developers who control the city-owned site.