In Times Real Estate section, 461 Dean gets promotional treatment (no mention of modular troubles; affordability misleading)
An earlier version of this article misstated the maximum income for a family of four to be eligible for an affordable two-bedroom apartment at 461 Dean Street in Brooklyn, based on information supplied by the developer, Forest City Ratner Companies. It is $138,080, not $124,000.----
Somehow the troubled B2 tower, aka 461 Dean Street, gets prominent position--a photo at the top of the web version--of an upcoming front-page New York Times Real Estate section article headlined New York’s New High-End Rentals (and in print "Advance of the Rentals").
One new rental in the current crop, 461 Dean Street in Brooklyn, will be split almost evenly between apartments with below-market rents and market-rate apartments.
The 363-unit project from Forest City Ratner Companies, which is made of prefabricated modules, will have 181 apartments with lower rents. About 40 percent of the affordable units, or 72, will be for people making 100 percent to 160 percent of the area’s median income, or up to $124,000 for a family of four. That family could end up paying $2,800 a month for a two-bedroom, said Susi Yu, an executive vice president of Forest City.
|From FCR presentation|
|From NYC HDC|
“This is actually a segment of the market that really has been overlooked,” Ms. Yu said, referring to the income bracket of that same family of four.
Forest City has not yet determined what a market-rate two-bedroom would cost in the building. In December, the median price of a two-bedroom in Brooklyn was $3,350 a month, Elliman said.That's only a 17.6% premium. That said, the median price in the area for new construction may be higher. StreetEasy says the least expensive two-bedroom rental in a new or newly converted building in Downtown Brooklyn is $3,754, while in Park Slope, Boerum Hill, Fort Greene, and Prospect Heights it's $3,300. (That's eliminating one cheaper anomaly.)
To score one of the coveted reduced-rent units at 461 Dean, renters must enter a lottery, which will be organized by Forest City and the city’s Housing Development Corporation.
When the lottery is announced, which is expected “imminently,” according to a project spokeswoman, applicants will have 60 days to register at the New York City Housing Connect web page, or by paper application. To get the word out about the application process, Forest City will contact labor unions, community boards and churches.
Each applicant will receive a number. If that number is drawn, he or she must submit tax returns, landlord references and bank statements to verify eligibility. Priority will be given to people with visual impairments and other disabilities, and secondarily, to those who live within the boundaries of Brooklyn Community Boards 2, 3, 6 and 8. Municipal workers also will have an advantage.
There is a housing lottery, but the preferences announced, required by city regulations, deflated some people in the room. Half the affordable units—1125 of 2250—would be reserved for residents of the three Community Boards, CBs 2, 6, & 8. Five percent would go to police officers and another five percent to city employees. Five percent would go to the mobility-impaired and one percent each to the sight- and hearing-impaired. That’s two-thirds of the units, plus ten percent for seniors, though there could be some overlap.