The Real Deal New York

People earning nearly six figures eligible for City Point affordable housing

150 of 200 affordable units reserved for those making 146 percent of area median income
August 03, 2015 04:45PM

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.

The lottery closes on September 24. Residents of Brooklyn’s Community Board 2 residents have preference. [DNAinfo]