At 595 Dean, market-rate occupancy by March/April, ahead of 130% AMI affordable units. (Lottery April → move-ins May?) Developer murky on retail & field house. Dog run June.

This is the second of three articles about the Feb. 7. 2023 Quality of Life meeting. The first concerned the state's suggestion that an affordable housing penalty might be waived. The third addressed changes at the Atlantic Yards Community Development Corporation (AY CDC).

Amir Stein of developer TF Cornerstone offered an update on the two-tower 595 Dean St. (B12/B13) project on the southeast block of the project site, between the extant 535 Carlton and 550 Vanderbilt, with 798 apartments, 30% of them income-targeted "affordable housing," albeit aimed at the middle-class, not the neediest.

"We're getting pretty close to the finish line here," he said, projecting that they'd get their first TCO, or Temporary Certificate of Occupancy, in mid-March, and a phased certificate of substantial completion by the beginning of June.

As spring proceeds, there will be a phased opening on the open space, Stein said. That adds significantly to the open space on that southeast block, though a large majority of the announced 8 acres awaits.

From slideshow

Yes, affordable units at 130% of AMI

"Aside from the construction update, we will be launching our marketing process for our affordable units," Stein said, "which will be open to AMIs up to 130%."

In other words, he confirmed, as I reported in December (and after obfuscation from official sources), that the income-targeted units would be aimed at middle-income households earning 130% of Area Median Income. That's the minimum required by projects taking advantage of the 421-a tax break.

That means, at least according to 2022 guidelines (which will be updated at some point this year), one person could earn up to $121,420, while a four-person household would have an income cap of $173,420, as shown at right.

The rent levels haven't been made public yet.

Surely, TF Cornerstone, recognizing reality, won't market the "affordable" units for the maximum levels allowable, which under elevated 2022 guidelines could mean studios for $3,035, 1-BRs for $3,253, and 2-BRs for $3,903.

Rather, they'll offer a discount, perhaps even off 2021 guidelines, as did Plank Road (662 Pacific St., B15) and Brooklyn Crossing (18 Sixth Ave., B4):

• studio: Brooklyn Crossing: $1,905, Plank Road: $1,547; allowable: $2,263
• 1-BR: Brooklyn Crossing, $2,390; Plank Road: $2,273; allowable: $2,838
• 2-BR: Brooklyn Crossing, $3,344; Plank Road: $3,219; allowable: $3,397

"So the marketing will open sometime in March or April and then hopefully we'll have people moving in this May," Stein said. I think that's optimistic, given the time it typically takes to review applications and vet applicants.

Stein later in the meeting confirmed that they expect to have market-rate renters moving in by the end of March or early April. No units have yet been listed for lease.

Open space and dog run

Will the planned dog run open by summer? "It will be open this spring," Stein said, hopefully by June.

Another question was posed: will Pacific Street be reopened between Carlton and Vanderbilt avenues?

Tobi Jaiyesimi of Empire State Development (ESD), the state authority that oversees/shepherds the project, gave a somewhat strained answer.

"Pacific street between Carlton and Vanderbilt will be reopened," she said, "but it won't be reopened as a roadway. Upon the delivery of the open space for the parcels around the project site, it will actually become open space itself. So Pacific Street will serve as a key connector."

However, she said, there will still be a barrier between part of the former Pacific Street roadway between the open space and the future development parcels over the Vanderbilt Yard, known as  the Pacific Street queue area for trucks.

Wait a sec--the key to the open space is the completion of the project, not merely the completion of the four towers between Dean and Pacific streets.

Master plan by Thomas Balsley. Annotations added.

I asked what what percentage of Pacific Street might be open under the scenario described--assigned to the parcels below it.

Jaiyesimi said she couldn't answer. Stein guessed 35%. But any development over the railyard--first a platform, then three towers--would require trucks and noise.  

What about retail and Chelsea Piers?

Stein was asked if the Chelsea Piers Field House would open in June along with the announced fitness center.

"These are two separate facilities," he said, adding that he can follow up with Chelsea Piers.

Stein was asked about anticipated retail. "I don't have announcements on the smaller retail sections but there will be retail presence at the base of the towers," given the presence of Chelsea Piers.

He said he'd provide an update closer to the opening.

I noted that, as TF Cornerstone itself has told potential tenants, it has secured a pizzeria named Simo as one tenant.

Also, neighbors and Community Board 8 have been alerted to a liquor license application that seems to be from a restaurant alternately referred to in documents as Ni Hao Restaurant (Ni Hao means "hello" in Chinese) and Pinch Chinese, which is an extant restaurant on Prince Street in Manhattan.

It's possible that the lease signing is contingent on the liquor license approval.