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Checking in on rental discounts: three months free for middle-income units at "100% affordable" buildings 535 Carlton and 38 Sixth

Unsurprisingly, it takes incentives to get relatively more expensive apartments rented these days, and that includes Atlantic Yards/Pacific Park buildings. I last wrote about this in January.

At 535 Carlton Avenue, a "100% affordable" building with half the units geared to upper middle-income households--incomes up to 165% of Area Median Income, and rents set at 160% of AMI--the listed rent for a two-bedroom unit is $3,223, but renters get three months or 2.5 months free, or a $2,417 or $2,552 net effective rent.

There are eight one-bedroom units, listed at $2,680, but three months free means a net effective rent of $2,010.

There are three studios, listed at $2,137, but three months free brings the net effective rent is $1,603.

At the similarly "100% affordable" 38 Sixth Avenue, there are three two-bedroom units, listed at $3,206, with 2.5 months free and a $2,538 net effective rent.

There are six one-bedroom units, listed at $2.663, with three months free and a $1,997 net effective rent.

There are two studios, listed at $2,121, with three months free and a $1,591 net effective rent

At 461 Dean Street, which is 50% affordable and 50% market, the market-rate units come with discounts. A one-bedroom listed at $3,475 comes with 1.5 months free and a $3,041 net effective rent.

Two studios listed at $2,850 come with two months free and a $2,375 net effective rent, while another listed at $2,825 comes with two months free and a $2,354 net effective rent.

Note: at the condo building 550 Vanderbilt Avenue, of which a significant chunk of units have been rented rather than occupied by owners, a $22,000 penthouse offers one month free (net effective rent $20,308!), and a $3,600 one-bedroom offers one month free (net effective rent $3,323).

The other two rentals, studios, are listed for $2,600 and $2,400, without discounts geared to extra months, but, unlike with the affordable units, they can lower the sticker prices, and the first unit was once offered for $2,750 and the second for $2,500.

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