Pacific Park's modular building at 461 Dean will launch the affordable housing lottery on half of its 363 apartments tomorrow morning. The 32-story building features a total of 181 below-market rate units that are open to people making anywhere between 30 percent to 160 percent of the Area Median Income (AMI).
At the lowest income threshold, about 6 percent of the affordable apartments will be open to an individual making $20,675 and go up to a family of four making $36,240. At the highest threshold, 20 percent of the apartments are open to families of four making $144,960 or an individual making $69,943.
The affordable units will go live tomorrow morning on NYC Housing Connect, and the lottery will be open for a total of 60 days until June 27. This lottery marks the first lottery to commence at the Pacific Park megaproject, which includes a total of 2,250 affordable units.
At 461 Dean Street, the affordable units are divided up as follows: 75 studios, 70 one-bedrooms, and 36 two-bedrooms. The cheapest studio will rent for $559 and the priciest will rent for $1,996. The least expensive two-bedroom starts at $727 and most expensive is going for $3012.
Construction work on the building, which was developed by Forest City Ratner Companies, and designed by SHoP Architects, will likely wrap up soon. Leasing on the market-rate units will begin sometime in the summer, and residents will begin moving in in the fall. At present, 1,800 apartments are under construction at Pacific Park of a total 6,430 units.
- Affordable Housing Lottery [NYC Housing Connect]
- Checking In on the Progress at Pacific Park, Soon to Welcome Residents [Curbed]
- All the Pacific Park Coverage [Curbed]