Looking at potential Atlantic Yards buildout: of next six towers, four might be all market-rate (plus two not-so-affordable subsidized towers)
Such incomes have nothing to do with the people who rallied vigorously for the project, who will be competing for the smaller amounts of low- and moderate-income housing, about 35% of each building.
A 7/25/14 Daily News article, Rise of residential towers in downtown Brooklyn could put a dent in rents, reported:
More than 20 new residential projects with a total of 4,000 units are due to become available in the neighborhood over the next two years — nearly double the number of apartments built in the booming area over the past decade.
...“Rents will most likely plateau for a while when all this new product comes online, just until the units get absorbed,” said new-development marketing guru Robin Schneiderman of Halstead Property Development Marketing.
Currently, rentals in the neighborhood top out at $60 a square foot. They’re likely to stay put until the new units — plus thousands of more apartments that will be built over the next 10 years — slowly get absorbed into the market, experts said.That may well meet Forest City's assumptions.
Alternatively, if funding is available, Forest City and its joint venture partner/overseer, the Chinese government-owned Greenland Group, might change the schedule to move some of the affordable housing up, assuming the city provides sufficient tax-exempt financing and direct subsidies.
Update: The above statement was very, very true. Shortly after this was published, Atlantic Yards was renamed Pacific Park!