At The Willoughby in Fort Greene, a middle-income studio (at 130% of AMI) is $2,523. That's $976 more than Plank Road!

The affordable housing lottery for 196 Willoughby, aka The Willoughby, launched 1/20/22. It's on Willoughby Street west of Ashland Place, on the Long Island University campus, and developed by RXR Realty.

The Willoughby

Among 476 apartments are 143 (30%) affordable to middle-income households earning up to 130% of Area Median Income, or AMI.

I decided to compare The Willoughby with two Atlantic Yards/Pacific Park buildings similarly geared to middle-income households, Plank Road (662 Pacific St.) and Brooklyn Crossing (18 Sixth Ave.), since the affordable units at all three buildings are being marketed in partnership with MHANY, Mutual Housing Association of New York, formerly ACORN.

Some significant variations something stood out. Here's the lineup of rents:

• studio: Plank Road, $1,547; Brooklyn Crossing, $1,905; The Willoughby, $2,523; guideline: $2,263)
• 1-BR: Plank Road, $2,273; Brooklyn Crossing, $2,390; The Willoughby, $2,700; guideline: $2,838)
• 2-BR: Plank Road, $3,219; The Willoughby, $3,235, Brooklyn Crossing, $3,344; guideline: $3,397)

Notably, The Willoughby is seeking far more than the two rival buildings in rent for a one-bedroom unit , though still below the allowable limit. For two-bedroom units, The Willoughby is in the ballpark, seeking more than Plank Road but less than Brooklyn Crossing.

Stratospheric studios

For studios, however, it's quite odd. The Willoughby is seeking $2,523, which $260, or 11.5% is above the city's announced guideline of $2,263 for studios at 130% of AMI. (Note: that's a 2021 rent limit, but the advertisement also cited 2021 income limits.)

Was this a typo? Nope. HPD confirmed that it's accurate. 

The Willoughby is asking $976 more than Plank Road--which is well below the guideline--though both are ostensibly aimed at a similar income cohort. 

Put another way, a Plank Road affordable studio is nearly 39% less than The Willoughby--or The Willoughby is 63% more than Plank Road.

So how flexible is the guideline (which I thought a cap)? The listed rents, a spokesman told me, "are approximate estimates that can vary slightly based on the particular project. The AMI’s on our website are based on calculations specific to HPD-financed new construction projects, so there can be some variations for projects that don’t fit into that bucket."

"Also, there are sometimes particular program requirements that will affect the rent price, as well as how the utilities are incorporated," I was told. Well, those rents listed by HPD assumes the tenant pays electricity, which is what the Housing Connect ad says.

Aiming for couples?

Annual rent for a studio at The Willoughby is $30,276, which is 30% of $100,920--about two-thirds of the way through the income range ($86,503 - $108,680) for single applicants. 

But maybe they're banking on couples willing to live in a studio, since paying $100,920 is in the lower half of the income range ($86,503 - $124,150) for two people.

(I also queried RXR, which responded by sending me to MHANY and also the company's PR firm, but nobody responded.)

Plank Road and Brooklyn Crossing

Plank Road

Brooklyn Crossing

From The Willoughby

The chart below touts the advantages of rent-stabilized middle-income units vs. renting comparable units over 15 years, but that assumes the renter wouldn't want to spent some of that money on equity.

From The Willoughby