City Reveals “Affordable” and Market Rents for First Atlantic Yards Tower

Atlantic Avenue Looking South.JPG

“Affordable” rents at the first Atlantic Yards tower will range from $648 to $2,740 a month for a two-bedroom, with the average two-bedroom renting for $1,946, the Atlantic Yards Report said, based on just-published information from New York City’s Housing Development Corporation.

This is the first time any specifics have been released, although rents could change by the time the tower is completed late in 2014 because they are based on Area Median Income. Above, the ghost outlines of the B2 tower at left and another one slated to rise next to Barclays Center at the corner of Atlantic and Flatbush.

Out of 363 units in 32 stories total, there will be 181 affordable units. Of these, 20 percent will be low income and 30 percent middle income. Market-rate two-bedrooms are expected to be $4,403 a month.

There will be relatively few bigger subsidized units. Here’s the breakdown: 76 studios, 69 one-bedrooms, and 36 two-bedrooms — a violation of the Community Benefits Agreement, which called for more two- and three-bedrooms, according to AYR. The average subsidized studio will go for $1,078 a month. The average subsidized one-bedroom clocks in at $1,161.

For more specifics on what the units will cost and who will qualify, click through to the Atlantic Yards Report story. Do you think these new units will be help ease the housing crunch?

“Affordable” Two-Bedroom in First Atlantic Yards Tower Would Rent for $1946 [AYR]
Rendering by SHoP via NYC Architecture

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