Pacific Park’s first affordable rental building has topped out at 535 Carlton Avenue, according to PR reps for the project. Construction began just over a year ago, and now all 19 stories of concrete have risen at the corner of Pacific Street and Carlton Avenue.
The 193-foot-tall building will span 294,000 square feet, and retail will occupy 8,300 square feet on the ground floor. The remaining 275,600 square feet will be divided between 298 apartments, for average units measuring 925 square feet.
The developer, Forest City Greenland Partners, will rent all of the apartments through a lottery beginning in mid-2016. Future tenants will come from “low-, moderate-, and middle-income households,” which ranges from 40 percent of the Area Median Income to 165 percent AMI. For a family of four, that means tenants can earn as little as $34,520 (40 percent AMI) or as much as $142,395 (165 percent AMI).
Half the apartments will rent to the wealthiest income bracket (165 percent AMI), and a quarter of the units will be reserved for families who earn 60 percent AMI, or $51,780 for a four-person household. Only 15 apartments will go to families at the low end of the spectrum, which is 40 percent AMI. The chart below shows what percentage of apartments will be set aside for families at each income level. (Head over here to see a breakdown of AMI percentages and their equivalent incomes.)
Units will break down into 66 studios, 129 one-bedrooms, 88 two-bedrooms, and 15-three bedrooms.
COOKFOX is designing the building, which will have a shared roof deck with a farm. Each floor will have its own laundry room, and renters will also have access to a fitness center, children’s playroom, and lounge. The cellars will hold a two-level garage with 305 parking spots, plus 179 bike storage spaces.
The building is expected to open this fall.
Ultimately, the development that began its life as Atlantic Yards will have 15 towers and 6,500 apartments. Roughly a third of those apartments will be affordable. 535 Carlton and 38 Sixth Avenue will consist entirely of below-market units, and half of the apartments at the contentious modular tower, 461 Dean Street, will also be affordable. A market-rate rental development at 664 Pacific Street will include a 600-seat middle school, DNAinfo reported earlier this week.