An affordable housing lottery has opened for 12 newly constructed units in a four-story building at 783 Knickerbocker Avenue in Bushwick. The question, asked many times recently about these kinds of lotteries, remains the same: Are they really affordable?
The lottery calls the building Knickerbocker Lofts, but it is alternately branded in listings as The Alhambra Lofts. There are three studios, three one-bedroom and six two-bedroom apartments available. Monthly rents start at $1,850 a month and top out at $2,470.
To put that in context: one-bedroom apartments in the same building rented in March for $2,220 a month, which is only $55 above the affordable rent.
The lottery is set at an area median income range of 130 for all of the units. Eligible incomes range between $63,429 and $138,710 for households of one to five people.
The building was formerly the historic Alhambra Theatre and was most recently a child and family care center operated by Grand Street Settlement.
Knickerbocker Lofts LLC bought the property in July 2013 for $4.2 million. Cheskel Strulowitz, who in 2017 was “battling allegations of running a $90 million real estate Ponzi scheme,” according to a story in The Real Deal, is listed as the owner in building permits.
There are 38 total units in the building, according to permits. Parking for 19 bicycles and a courtyard are the building’s only amenities.
Market rate rentals launched in January. The pictures show apartments with small open kitchens and lofted space above. Some of the units appear to have balconies.
Applications for the affordable housing lottery must be submitted by June 3, 2019. Apply through NYC Housing Connect. To learn more about how to apply for affordable housing, read Brownstoner’s guide.
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