Brooklyn Heights rental launches affordable housing lottery

A 20-story residential building that replaced a nine-story office in Brooklyn Heights has launched its affordable housing lottery. The Pierrepont, as the building at 146 Pierrepont Street between Clinton Street and Cadman Plaza West is now known, has 23 affordable apartments up for grabs for folks making between 40 percent and 130 percent of area median income.

New Yorkers making 40 percent of AMI, or between $22,389 and $33,400 depending on the size of the household, will be able to apply for four studios asking $596 and five one-bedrooms seeking $685.

New Yorkers making 60 percent of AMI, or between $42,618 and $62,580 depending on the size of the household, will be able to apply for one of nine two-bedrooms seeking $1,183.

New Yorkers making 130 percent of AMI, or between $79,543 and $135,590 depending on the size of the household, will be able to apply for one studio seeking $2,230, one one-bedroom seeking $2,487, and three two-bedrooms seeking $2,993. The affordable housing lottery closes March 27.

New York’s AMI is calculated including the more affluent New York suburbs of Westchester, Rockland and Putnam counties which serves to inflate New York’s AMI. This, along with the practice of setting aside units for affordable housing available for folks making up to 165 percent of AMI, contributes to the reality that affordable housing is often not actually affordable to those who need it.

The building, developed by Jonathan Rose Companies, has already rolled out its website ahead of its market-rate apartment rental launch in March. Amenities will include a kids playroom, outdoor and rooftop gathering spaces, and a tenants lounge.

Find more information about the affordable housing lottery, including how to apply, here.