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At 461 Dean, a waitlist opens for not-so-cheap "affordable" units (but the value has improved)

As first noted 6/20/19 by 6sqft, Waitlist opens for ‘affordable’ units at Pacific Park’s modular tower, from $2,025/month, "not-so-affordable" (their words) $2,025/month studios and $2,541/month one-bedrooms may become available at 461 Dean Street.

They're not-so-affordable because there are other units--not necessarily as new, or well-located--that people can find on the open market. But they happen to be somewhat better deals than they were, as I explain before.

(The announcement from the New York City Housing Development Corporation, with information on applications, is excerpted at right and below.)

There are 181 income-restricted units in the tower flanking the Barclays Center, but only 15 studios and five one-bedrooms at those specific rent levels. (See original announcement at bottom.) Half the building is market-rate units.

Rent stays fairly stable

The rent hasn't changed much since the housing lottery was advertised in 2016. The rent for a studio has gone up from $1,996 to $2,025, a 1.45% increase. The rent for a one-bedroom has gone up from $2,504 to $2,541, a 1.48% increase.

Those affordable, income-restricted units are rent-stabilized, so rent is supposed to rise with the increases granted by the Rent Guidelines Board, which granted a 1.25% increase for a one-year renewal lease commencing on or after October 1, 2017 and on or before September 30, 2018, and a 1.5% increase for a one-year renewal lease commencing on or after October 1, 2018 and on or before September 30, 2019. (Yes, that math doesn't quite add up.)

At 461 Dean, market-rate studios have been advertised, in the past year, from $2,283 to $3,254, with most units clustering between $2,400 and $2,700. Market-rate one-bedrooms have been advertised between $3,042 and $3,800, with most units clustering between $3,100 and $3,400.

Income range expands: studio

More curious is the change in income limits. 

The $1,996 studio apartment was available to individuals with annual incomes between $69,943 - $101,600, was between 110.2% and 160% of AMI (Area Median Income), given that, as of 2016, AMI was $63,500 for one person. (Note that units at two other Atlantic Yards/Pacific buildings with income-restricted units, 535 Carlton and 38 Sixth, have income limits of 165% of AMI.)

Annual rent for that studio, $23,952, represented 30% of the income of someone who earned $79,840, which was 125.73% of AMI. That was a pretty good deal for those at the higher end of the income scale, but it's better now.

Today, the $2,025 studios are available to those with incomes between $71,829 - $119,520. The latter range is between 96.2% and 160% of 2019 Area Median Income (AMI), which is $74,700 for a single person.

Annual rent, $24,300, represents 30% of the income of someone who earns $81,000, which is 108.43% of AMI. So people who are earning more than that sum--a large number of those eligible--would be paying much less than 30% of their income in rent.

Income range expands: one bedroom for one person

Similar changes are visible for the one-bedroom units. 

The $2,504 one-bedroom apartment in 2016 was available to individuals with annual incomes between $87,429 - $101,600, or between 137.684% and 160% of AMI, which was $63,500. Annual rent, $30,048, represented 30% of the income of someone who earned $100,160, which was 157.32% of AMI. 

Today, the $2,541 one-bedroom is available to individuals with incomes between $89,692- $119,520. The latter range is between 120.07% and 160% of AMI. Annual rent, $30,492, represents 30% of the income of someone who earns $101,640, which is 136.06% of AMI.

Again, people who are earning more than that sum--a decent number of those eligible--would be paying less than 30% of their income in rent. 

Income range expands: one bedroom for two people

What about two-person households seeking one-bedroom units?

The $2,504 one-bedroom apartment in 2016 was available to two persons with annual incomes between $87,429 - $116,000, or between 120.59% and 160% of AMI, which was $72,500 for two. Annual rent, $30,048, represented 30% of the income of two people earning $100,160, which was 138.15% of AMI.

Today, the $2,541 one-bedroom is available to two persons with incomes between $89,692 - $136,640. The latter range is between 105.02% and 160% of AMI, which is $85,400 for two people. Annual rent, $30,492, represents 30% of the income of two people who earn $101,640, which is 119.02% of AMI.

Again, people who are earning more than that sum--a decent number of those eligible--would be paying less than 30% of their income in rent. 

The waiting list


From the original ad

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