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Block-long Greenpoint rental launches affordable lottery from $1,045/month

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There are 60 studios, one-, and two-bedrooms up for grabs

IF Studio

The massive rental building that covers nearly the entire stretch between Greenpoint Avenue and Calyer Street on Greenpoint’s McGuinness Boulevard, has launched the lottery for its 60 affordable apartments.

Developer Stellar Management is behind the block-long building, named Otto, and Gene Kaufman Architects is behind the design. The building is home to a total of 197 apartments, of which 30 percent have been set aside as affordable housing. Leasing for the market-rate units launched back in June.

There are two tiers under which individuals and families can apply. The first caters to applicants earning 80 percent of the area median income (AMI), which means incomes must fall between $42,206 and $83,440, depending on household and apartment size. Under this tier, there are five studios that each go for $1,045/month, 28 one-bedrooms that rent for $1,064/month; and seven two-bedrooms that are each priced at $1,276/month. The second tier is for those earning 130 percent of the AMI (between $81,840 and $135,590), there are two studios that go for $2,201/month, 15 one-bedrooms that each rent for $2,320/month, and three two-bedrooms each going for $2,795/month.

Tenants of the affordable apartments will also get access to the building’s library and rooftop garden, however, additional fees apply for other perks like parking, the fitness center, the tenant lounge, storage, and the game room. The deadline to apply is March 6.