A commercial bakery-replacing rental building in Clinton Hill, Brooklyn has now launched the lottery on its 38 affordable rentals. The affordable apartments come in a mix of studios, one-bedrooms, and two-bedrooms with rents starting at $735/month.
The affordable apartments at 555 Waverly Avenue are open to those making between $27,086 and $57,240, depending on the apartment type and family size. Of the affordable units, 11 are studios, 20 are one-bedrooms, and seven are two-bedrooms. These rentals are a small fraction of the 190 units that make up the eight-story residential building at 555 Waverly Avenue.
The Madison Realty Capital-developed project was first announced in the fall of 2014. The development firm purchased the site for $23.5 million and brought on HTO Architect to design the building. Initially the project was going to have 122 rentals, but Madison has expanded the scope of the project since. In addition to the rentals, the building will also have 7,000 square feet of ground-floor retail located along Atlantic Avenue.
Residents in the building will also have access to amenities like a gym, indoor and outdoor tenant lounges, a rooftop terrace, bike storage, and parking for an additional fee. Those interested in the affordable rentals have until May 24 to apply.