A building scheduled to open later this year in Prospect Heights’ Pacific Park development will offer potential residents a shot at a bargain price in an upcoming affordable housing lottery.
Greenland Forest City Partners, the developers of 535 Carlton Ave., have announced that a housing lottery set to start on Friday will give low- and moderate-income New Yorkers a chance to live in the building, which is part of the Barclays Center-adjacent development.
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The 18-story, all-affordable building includes 298 rental apartments ranging from studios to three-bedroom units, Greenland Forest City Partners stated, adding that the building was designed for families as it has 102 units with two bedrooms or more.
The below-market rents will adhere to the New York City Department of Housing Preservation and Development guidelines and will be based on area median income (AMI) when the lottery begins, according to the developer. Studios were slated to rent for as low as $548 per month while a three-bedroom could be as low as $817 per month.
Located at the corner of Carlton Avenue and Dean Street, the new building is one of seven planned towers currently in development at the 22-acre Pacific Park development, which will ultimately include 2,250 affordable units by 2025, DNAinfo stated.
To take part in the lottery, which will be open for 60 days, apply at Housing Connect, the city’s application portal.
Because of Brooklyn’s high real estate prices, demand for affordable buildings has been increasing, the developer said. Last month, a similar housing lottery for 461 Dean St., another Pacific Park property, received approximately 84,000 applications for 181 below-market residences.