Lottery Opens at Bed Stuy Condo Building for Two Rentals Starting at $947 a Month

An affordable housing lottery has opened for two rental units in, unusually, a condo building at 452 Lafayette Avenue in Bed Stuy.

The lottery comprises a one-bedroom apartment and a two-bedroom apartment. The one-bedroom apartment will go for $947 a month for the lucky winner, and the two-bedroom unit will cost $1,072 a month.

Both units are set at 60 percent of the area median income. Eligible applicants for the one-bedroom offering in the lottery must earn between $32,469 and $40,080 if applying as a single-person household, and two-person households must earn between $32,469 and $45,840.

For the two-bedroom unit, a two-person household must earn between $36,755 and $45,840, a three-person household must earn between $36,755 and $51,540, and a four-person household must earn between $36,755 and $57,240.

The developer of the property was Bed Stuy-based YD Holding Corp., and the architect on the project was Banji Awosika Architects. Banji Awosika is based in Jamaica, Queens and has worked on other Brooklyn projects, including two similar small apartment buildings at 668 and 672 Halsey Street in Bed Stuy.

Amenities in the building include a roof terrace and a dedicated laundry room in the building. The building is located one block from the Classon Avenue G Train stop. It’s also located next to Dough, the acclaimed donut shop — which could be dangerous for wallet and waist.

The certificate of occupancy was issued in January 2011. The five-story building has eight residential units and one commercial unit in total.

The owner of the rental units — both on the second floor — purchased five units in the nine-unit building in 2011, at prices exceeding $800 a square foot, according to PropertyShark. Prices in Bed Stuy were closer to $500 a square foot or less at the time.

The owner, an LLC called Brooklyn Suite, later sold two other units for less than it had paid for them, according to public records.

A top floor unit, No. 5F, sold in November for $630,000.

The affordable housing lottery is part of the 421-a tax break, according to the lottery notice.

The lottery opened July 10 and runs through August 1. For more information or to apply to the lottery, visit NYC Housing Connect. To learn more about the affordable housing process, check out our Brownstoner guide.

Related Stories

• Your Complete Guide to Applying for Affordable Housing in NYC
• Affordable Housing Lotteries Open in Williamsburg, Bed Stuy
• Affordable Housing Lottery Opens for 10 Units in Prospect Heights Starting at $780 a Month

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