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Waterfall-Equipped Billyburg Rental To Launch This Summer

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This summer, 229 new rental units will hit the Brooklyn market at 50 North 5th Street. The new building sits on the site of the former Western Carpet Company, and it boasts some pretty serious amenities: a landscaped courtyard with a waterfall and bocce ball court, a landscaped roof deck, two "swank lounges," an indoor basketball court, and a "two-level fitness mecca." The project was developed by Urban Development Partners and the Mack Real Estate Group, and will manage the leasing. Pricing has yet to be finalized, but the building has a mix of studios, one-, and two-bedroom units. SCLE Architects designed the building, while the Billyburg-based boutique firm CLO-TH designed the interiors (previous work includes Tribeca's Reade57).

The building was developed in accordance to the city's Inclusionary Housing program, so 46 of the building's 229 units will be permanently affordable. In May, the Housing Preservation Department announced that income-eligible families that were displaced by Hurricane Sandy will be given preference for a quarter of the 46 affordable units. Applications for the affordable units are due July 1, and pricing for them is shown in the chart below:

· 50 North 5th Street [official]
· HPD Announces Preference for Displaces Sandy Victims at 50 North 5th Street []