Now some middle-income units at "affordable" 535 Carlton come with three months free rent as a concession
First it was a month, then two months, now.... three months.
(Update: see bottom, for restoration to two months after nearly three weeks.)
Seven middle-income "affordable housing" units at 535 Carlton in Atlantic Yards/Pacific Park now come with three free months as concession, but only for the first year, according to StreetEasy.
That means the listed rent for a two-bedroom apartment goes from $3,223 to a "net effective rent" of $2,417, and for a one-bedroom from $2,680 to $2,010. Of course the idea is that the tenant re-ups.
The income ranges, at least when tenants first applied, were $111,909 to $149,490 for the two-bedrooms, and $93,258 to $119,625 for the one-bedrooms, depending on household size.
This raises the question about the appropriate term for these apartments. The city calls them "affordable." I used the term "below-market" in a tweet and was tweaked because, well, if they're not renting, they're not below-market.
And keep in mind that the income ranges are well above the median for New York City, not to mention the larger area from which AMI (Area Median Income) is calculated.
For some units, there have been multiple price cuts.
Update: back to two months
(Update: see bottom, for restoration to two months after nearly three weeks.)
Seven middle-income "affordable housing" units at 535 Carlton in Atlantic Yards/Pacific Park now come with three free months as concession, but only for the first year, according to StreetEasy.
That means the listed rent for a two-bedroom apartment goes from $3,223 to a "net effective rent" of $2,417, and for a one-bedroom from $2,680 to $2,010. Of course the idea is that the tenant re-ups.
The income ranges, at least when tenants first applied, were $111,909 to $149,490 for the two-bedrooms, and $93,258 to $119,625 for the one-bedrooms, depending on household size.
This raises the question about the appropriate term for these apartments. The city calls them "affordable." I used the term "below-market" in a tweet and was tweaked because, well, if they're not renting, they're not below-market.
And keep in mind that the income ranges are well above the median for New York City, not to mention the larger area from which AMI (Area Median Income) is calculated.
Income tested or subsidized— Oksana (@OksanaMironov) January 11, 2019
Many price cuts‘govt-backed but still too damn high’?— robert neuwirth (@RobertNeuwirth) January 11, 2019
For some units, there have been multiple price cuts.
Update: back to two months
Update: that 3 months concession has been restored to 2 months #535Carlton @pacificparkbk— Norman Oder (@AYReport) February 1, 2019
$3,223→$2,686 = net effective rent for five 2BRs available https://t.co/p543Rh5htq#AtlanticYards
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