Big discounts on Atlantic Yards/Pacific Park apartments, including three months free for some "affordable" rentals, because of pandemic effect on renewals

Both market-rate and middle-income "affordable" units at Atlantic Yards/Pacific Park are being offered with deep discounts--up to three months free on a one-year lease--as operators of residential towers find it's a renters' market during the pandemic.

At 461 Dean

At 461 Dean Street, the first of the Atlantic Yards/Pacific Park towers, there are discounts to attract market-rate tenants, but not yet for the building's (50%) affordable units.

According to StreetEasy, the five studio apartments are available with three months free, resulting in a net effective rent for the cheapest at $1,785, well below the official $2,155 rent for studios citywide under the city's Affordable New York program, at 130% of Area Median Income, or AMI. 

And it's well below the $1,996 rent set for the most expensive "affordable" studios when the building was leased up in in 2016. That said, surely the owners would hope for lease renewal at the official $2,380/month.

Interestingly, the four one-bedroom units and one two-bedroom at 461 Dean come with 2.5 months free. That still means that the cheapest one-bedroom, with a net effective rent of $2,525, is not much off the $2,504 set in 2016 for the most expensive affordable one-bedroom unit, the rent of which has presumably inched up since.

At "affordable" buildings, middle-income discounts

The "100% affordable" building 38 Sixth Avenue and 535 Carlton Avenue, are also offering deep discounts on their most expensive units, open to middle-income households earning up to 165% of AMI, which represent half the total units.

As shown in the screenshot at right, studios and one-bedrooms at 38 Sixth, according to StreetEasy, come with three months free. That means a $1,591 net effective rent for a studio listed at $2,121, and a $1,997 net effective rent for a one-bedroom listed at $2,663. (Those were the rent levels listed in the 2017 housing lottery ad.)

A two-bedroom offers 2.5 months free. That's presumably a recognition of slightly more demand from larger households for space..

Similarly, at 535 Carlton, according to StreetEasy, studios and 1-bedrooms aimed at the higher (of two) middle-income tier offer three months free. 

The three available studios have a $1,627 net effective rent, with listed rent at $2,169 or $2,137. (The latter figure was set when the building was marketed in 2016, so rent stabilization limits the increase, though it's perplexing to me that the official rent levels haven't budged.)

The four available one-bedrooms have a net effective rent of $2,010, with $2,680 the listed rent.

Meanwhile, a 2-bedroom unit aimed at the upper middle-income tier offers 2.5 months free, with net effective rent $2,538 and a listed rent of $3,206. Another 2-bedroom, aimed at the lower middle-income tier offers 1.5 months free, with net effective rent of $2,270 and a listed rent of $2,594.