Now 662 Pacific St. (aka Plank Road) *is* open, offering two months free on 16-month leases. Still no info on affordable housing lottery.

More than five weeks ago, on 9/30/21, I wrote how 662 Pacific Street (B15), aka Plank Road, was offering one month free rent on a 16-month lease, after previously offering one month free rent on a 14-month lease.

Well, the building (official website) is now seems open, and they're offering even better rent deals: two months free on a 16-month lease, including some of the units I previously highlighted. (Update: A resident confirmed that, yes, several units are occupied.)

The lobby of Plank Road aka 662 Pacific at #AtlanticYards is now open. pic.twitter.com/vh54n2M54O

— Raul Rothblatt (@rauldougou) November 9, 2021

Competition, and questions

The offerings are slowly coming online but will be competing with the catercorner 18 Sixth Ave. (B4), aka Brooklyn Crossing, developed by The Brodsky Organization (which is behind Plank Road) and Atlantic Yards/Pacific Park master developer Greenland Forest City Partners.

Note that B15's 30% affordable (aka income-linked) units have not appeared on the city's housing lottery, but it's likely most or all will be geared to middle-income households, at 130% of Area Median Income (AMI), which means households earning six figures.

At Plank Road, there are currently 9 active listings and 24 past listings. (I'm not sure if past listings have been rented or if the units have just been taken off the market temporarily--or whether it's a mix.)

Of the active listings, all but one are offering two months free; unit 15-G, a one-bedroom, was initially listed at $3,943 on Nov. 1, then reduced 13% to $3,450 a week later, with no extra months.

Note that one month free on a 14-month lease is a short-term 7.1% discount. One month free on a 16-month lease is a 6.25% discount. Two months free on a 16-month lease is a 12.5% discount.

The least expensive

The cheapest unit is the studio at 15-L, initially listed for $3,268 and quickly reduced to $2,860, which, with two months free on a 16-month lease, means a $2,503 net effective rate.

An income-linked "affordable" studio at 130% of AMI could rent for $2,263. according to NYC's Department of Housing Preservation and Development, while one at 165% of AMI--which covers half the units at "100% affordable" 535 Carlton and 38 Sixth--could today be advertised at $2,889, though such a rent seems unlikely to be achived.

Those units were rented at lower figures. A studio at 535 Carlton is currently available for $2,137--which is the figure at which it was advertised five years ago!

Below, some more examples from 662 Pacific Street.

A studio, 14-J, on StreetEasy 

Previously $3,195, with a $2,995 net effective rent. Most recently $3,257, with a $2,850 net effective rent. 

A studio, 8-H on StreetEasy (aka jr. 1-BR)

Previously $3,253 with a $3,050 net effective rent. Most recently with the same listed rent, but a $2,846 net effective rent.

A two-bedroom, 9-Q, on StreetEasy

Previously $5,851, with a $5,485 net effective rent. Most recently $5,754, with a $5035 net effective rent.