The affordable housing lottery has launched for 1510 Broadway, an eight-story residential building in Bedford-Stuyvesant, Brooklyn. Designed by Gluck+ and developed by MacQuesten Development, the structure yields 108 residences. Available on NYC Housing Connect are 90 units for residents at 30-80 percent of the area median income (AMI), ranging in eligible income from $19,578 to $154,080.
Amenities include pet-friendly policies, recreation room, bike storage lockers, a shared laundry room, common area Wi-Fi, package lockers, outdoor terraces, and an on-site resident manager. Residences come with energy-efficient appliances, air conditioning, and hardwood floors.
At 30 percent of the AMI, there are two studios with a monthly rent of $486 for incomes ranging from $19,578 to $37,290; four one-bedrooms with a monthly rent of $617 for incomes ranging from $24,480 to $41,940; three two-bedrooms with a monthly rent of $727 for incomes ranging from $29,315 to $50,310; and one three-bedroom with a monthly rent of $829 for incomes ranging from $33,875 to $57,780.
At 50 percent of the AMI, there are two studios with a monthly rent of $910 for incomes ranging from $34,115 to $62,150; 12 one-bedrooms with a monthly rent of $1,146 for incomes ranging from $42,618 to $69,900; ten two-bedrooms with a monthly rent of $1,363 for incomes ranging from $51,120 to $83,850; and three three-bedrooms with a monthly rent of $1,563 for incomes ranging from $59,040 to $96,300.
At 60 percent of the AMI, there are four one-bedrooms with a monthly rent of $1,411 for incomes ranging from $51,703 to $83,880; three two-bedrooms with a monthly rent of $1,681 for incomes ranging from $62,023 to $100,620; and one three-bedroom with a monthly rent of $1,930 for incomes ranging from $71,623 to $115,560.
At 80 percent of the AMI, there are three studios with a monthly rent of $1,546 for incomes ranging from $55,920 to $99,440; 18 one-bedrooms with a monthly rent of $1,941 for incomes ranging from $69,875 to $111,840; 18 two-bedrooms with a monthly rent of $2,316 for incomes ranging from $83,795 to $134,160; and six three-bedrooms with a monthly rent of $2,664 for incomes ranging from $96,789 to $154,080.
Prospective renters must meet income and household size requirements to apply for these apartments. Applications must be postmarked or submitted online no later than July 18, 2024.
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That is one complicated rent structure!
AMI is calculated using a family of four, not an individual which allows some fuzzy math to be applied. 48 of these places are studios and one bedrooms.
Be real, families of 4 don’t want these apts. so AMI should not be applied to their rents. The average income of a NYC resident is only 48K, meaning, half of NYC residents make even less than that.
Suddenly, these places don’t seem so affordable after all, except for those 2 (out of the 108 total) that will rent for $486. I wonder if they even have windows? I am sure that even if they are loss they will be built so that they can claim PRICES START AT ONLY $486 A MONTH. That may be where they start but ultimately roughly half of the building is unaffordable