The Real Deal New York

City Point building gets 88K affordable housing applications

Property at 7 DeKalb Avenue in megacomplex has only 200 available units
March 16, 2016 05:55PM

7 DeKalb Avenue

Rendering of 7 Dekalb Avenue in Downtown Brooklyn

In case you’ve been living under a rock in Central Park, affordable housing is in pretty high demand right now in New York City. The developers of the City Point mixed-use megaproject in Downtown Brooklyn have just found this out for themselves, after receiving nearly 88,000 applications for only 200 affordable apartments at 7 Dekalb Avenue.

That number comes courtesy of Aron Gooblar of Washington Square Partners, whose firm is co-developing City Point alongside Acadia Realty Trust and BFC Partners.

Eighty percent of the 250 rental units at 7 Dekalb Avenue, or 200 apartments, are designated as affordable, according to the Brooklyn Daily Eagle. But that’s still not nearly enough to appease the tens of thousands who applied for affordable housing at the building through a city-run lottery that wrapped up this past September.

While 7 Dekalb Avenue, formerly known as Tower 1, was originally supposed to be only 50 percent affordable, the developers struck a deal last year with the city’s Housing Development Corp. and the Economic Development Corp. to boost that number up to 80 percent. [Brooklyn Daily Eagle]Rey Mashayekhi