At 595 Dean, initial units marketed with one month free. Move-ins May 1, not March/April as previously projected. No word yet on lottery for "affordable" units.

While at a meeting last month, a representative of developer TF Cornerstone said they expected to have market-rate renters move into the two-tower 595 Dean complex (aka B12/B13) by the end of March or early April, listings on StreetEasy project availabilities as of May 1.

(The complex doesn't yet have a Temporary Certificate of Occupancy.)

Those listings come with the carrot of one month free on 12-month leases, lowering the net effective rent for at least that first year.

Even with the delay until May, it seems certain that market-rate residents will occupy the building well before those gaining middle-income "affordable" units, given that the city's housing lottery hasn't launched--it will be on HousingConnect.

"So the marketing [for affordable units] will open sometime in March or April and then hopefully we'll have people moving in this May," TF Cornerstone's Amir Stein said at the meeting. 

That struck me as unrealistic. Such lotteries seem to have an application window of about 60 days, and it may take two to ten months to hear back, according to the city, which is followed by an interview and evaluation process.

The pricing

From StreetEasy:

It should be noted that, with the one month free, the net effective rent for each unit is $6,747, $5,757, $4,978, $4,130, $3,841, $3,103.

Note that no square footages are listed, even on the building web site, so it's tough to compare to other units. 

But the most recently opened Atlantic Yards/Pacific Park building, 18 Sixth Avenue (B4), aka Brooklyn Crossing, currently has 2-BRs listed via StreetEasy between $5,995 and $7,100; 1-BRs between $4,450 and $5,795; and studios between $3,595 and $4,110.

The latter building offers better views, at least for some units, and more adjacency to transit, but no open space, as it flanks the arena west of Sixth Avenue.

Meanwhile. 595 Dean has open space around its immediate perimeter and--if and when the second phase of the platform over the LIRR's Vanderbilt Yard is built, followed by years of noisy construction and three towers--ultimately the lion's share of "Pacific Park" nearby, once Pacific Street, now used for construction staging, is turned into green space.

Only the four towers on the southeast block have risen. B12/B13 should open in May.

What will the affordable rents be?

Note that the 595 Dean studio listed for a $3,103 net effective rent is awfully close to the 2022 city guideline of $3,035 for such units leased to households at 130% of Area Median Income, or AMI. (The 2023 AMI calculations haven't yet been released.)

As I wrote last month, surely TF Cornerstone, recognizing reality, won't market the "affordable" units for the maximum levels allowable: under elevated 2022 guidelines, that 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