A fully affordable building on Williamsburg’s Grand Street has now launched the lottery on 38 of its 50 apartments. The eight-story building is being developed by local nonprofit group, St. Nicks Alliance, and the rental was designed by Magnusson Architecture and Planning.
The building features a mix of studios, one, two, and three-bedroom apartments, and prices start from $670 per month. The apartments are available in the a wide range of income brackets going from 30 percent of the area median income to about 130 percent of the AMI. This roughly translates to families making anywhere between $22,920 to $124,020, annually.
In addition to the affordable units, 12 apartments have been set aside for the formerly homeless, according to DNAinfo, which first reported on the lottery’s launch. Two retail buildings on Grand Street were replaced to make way for this affordable housing development, but retail will return on the ground floor of the new structure.
At 695 Grand Street, those interested in the apartments can apply by December 29, 2017. Residents of Brooklyn Community Board 1 will be given preference on half of the affordable units, and another seven percent of the units be open to people with disabilities.
The 80,000-square-foot structure is nearing the finish line, and is set to wrap construction by the end of the year. The first group of residents will start moving in early next year.