With 595 Dean "affordable housing" lottery slated to launch Monday, middle-income-targeted rents revealed: studio, $2,290; 1-BR, $2,690; 2-BR $3,360

Update: here's the HousingConnect link for the lottery.

As I wrote April 8, the developers of the two-tower 595 Dean (B12/B13) complex circulated sponsored messages alerting people that the housing lottery--for 240 middle-income units--would open at some point in May, rather than March or April as previously suggested by a representative of developer TF Cornerstone, or "soon," as indicated in the posting last November.

That means that those in the income-targeted "affordable" units--30% of the total--will move in well after the market-rate tenants, who've already started moving in.

"If your annual household income is between $78,515 and $187,330 you could qualify," the developer's web site states. Note that such incomes are likely well below those moving into comparable market-rate units, but well above those who struggle the most to find housing.

As one apartment-seeker wrote last year on a forum for those discussing affordable units at 595 Dean, "This whole Pacific Park development has broken my heart... no actual apartments for people and families making under 100k+ a year."

(That's technically not true, but the skew is such that all the new units at 595 Dean could be filled by those earning six figures, as shown below.)

Today, those on various mailing lists--for me New York YIMBY and Brownstoner--saw sponsored messages clarifying that the lottery would in fact launch next Monday, May 1.

Rents revealed

If you click through, the 595 Dean web site finally reveals the rent levels that TF Cornerstone curiously held back: $2,290 for a studio, $2,690 for a 1-BR, and $3,360 for a 2-BR. 

Note the selling point: it's an advantage over market-rate rents--sure! But it's not serving to significantly stem displacement, which was a significant political selling point for Atlantic Yards, to gain state approval. The $90,000 savings, or $18,000 a year, is compared with a one-bedroom unit with a $4,200 monthly rent. 

In comparison

Note that they're not seeking the maximum possible under city guidelines, which, for units at 130% of Area Median Income (AMI) in 2022, was $3,035 for a studio, $3,253 for a 1-BR, and $3,903 for a 2-BR. (Note that the 2023 guidelines haven't been released yet.)

After all, those levels are unrealistic.

The smaller units are at a discount compared to the recently launched lottery for the supertall Brooklyn Tower, with studios at $2,630 and 1-BRs at $2,811. But the 2-BR rent level is exactly the same: $3,360.

The two most recent Atlantic Yards/Pacific Park lotteries, Plank Road (B15, 662 Pacific) and Brooklyn Crossing (B4, 18 Sixth), also only offered units at 130% of AMI, but offered discounts off the allowable 2021 guidelines:

• 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

By comparison, the 595 Dean studios at $2,290 and 1-BRs at $2,690 are considerably more costly, albeit comparable with The Willoughby in Downtown Brooklyn, which last year was seeking $2,253 for studios and $2,700 for 1-BRs.

Meanwhile, the 595 Dean 2-BRs at $3,360 are not all that much more costly than the Brooklyn Crossing 2-BRs at $3,344 and The Willoughby at $3,235.

Clearly there's a more robust market for 2-BR units, perhaps for households with two incomes.