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End Times: Discount Rack Apartments Hit Open Market

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It used to be that the "affordable housing" units included by developers in shiny new residential towers for tax benefits were immediately snapped up in poorly advertised yet wildly competitive lotteries. But those days are gone, and to show just how far the economy has fallen, not only are some of those units hitting the open market, but Halstead will soon be actively marketing them. The Real Deal reports that in two weeks, a new section on Halstead's website will feature affordable listings (usually priced 25% lower than market-rate listings, and open only to buyers that meet certain maximum income requirements) in new buildings such as Downtown Brooklyn's Toren (right) and Harlem's Langston and Beacon Towers. Halstead, not used to boasting about modesty, is still deciding whether to label the page as "Affordable" or "Restricted Income." And though she has nothing to do with Halstead or affordable housing, Elliman superbroker Dolly Lenz is adding her support, in her own Dolly way. She told TRD, "While 'affordable' may have tainted property in the past, I think it's the next chic term, so it's a very clever."
· Halstead targets affordable housing market [Real Deal]

Toren

150 Myrtle Avenue, Brooklyn, NY 11201