1133_Manhattan_Ave

Nearly 60,000 people have applied for the 105 affordable units that will be available at 1133 Manhattan Avenue in Greenpoint according to the Daily News. The 58,832 applications for the building was the highest number for any affordable housing project in the city. When completed, likely in the fall according to the developers website, the building will be half market rate rentals and half income-restricted. The income caps range from a single person earning $18,618 to qualify for a studio to, at the high end, a family of four with a combined income of $146,825 for a two bedroom apartment.

Jonathan Miller, the CEO of Appraisal firm Miller Samuel told the News, “That right there really underscores the urgency of the affordability problem in the city. There’s such a disconnect with what’s available on the open market versus affordable.”

For those lucky few who get an apartment, studios will be renting for $494, one-bedrooms from $532 to $1,997, and two-bedrooms ranging from $647 to $2,405. Market rate two bedroom units in the neighborhood range from about $2,600 and $3,200 a month now.

Update: The developer tells us move-ins will start in November 2014, and sent us the updated rendering above. 

Nearly 60,000 People Apply for Affordable Units in Greenpoint Building [NY Daily News]
New Affordable Housing up for Grabs in Greenpoint and Bed Stuy [Brownstoner]


What's Your Take? Leave a Comment

  1. I’m shaking my head in bafflement at this quote: “The income caps range from a single person earning $18,618 to qualify for a studio to, at the high end, a family of four with a combined income of $146,825 for a two bedroom apartment.” In other parts of the country, a family of four with a combined income at that level is solidly middle class and not in need of affordable housing.

  2. This is ballpark the typical number of people who apply for large affordable housing. It doesnt show the disconnect for affordable housing, it shows the amplification of demand when you put an artificial ceiling on the price of any product. I bet if you started offering Ferraris for $5,000 instead of $250,000 a lot of people would apply for those too… SMH