Affordable Housing Lottery Opens for 54 Units in Williamsburg, Starting at $2,116 a Month

Rendering courtesy Fogarty Finger Architecture and Interiors

by
1

An affordable housing lottery has opened for 54 units in a 23-story building at 251-273 South 5th Street in Williamsburg, located behind the landmarked neo-Classical Dime Savings Bank of Williamsburgh.

Of the affordable apartments, there are 19 studios, 24 one-bedroom units, six two-bedroom units and five three-bedroom units. Monthly rents start at $2,116 and top out at $3,150, which, like many recent lotteries in Brooklyn, forces one to reconsider what the city means by affordability.

The lottery is set at an area median income range of 130 percent for all of the apartments. Eligible incomes range between $72,549 and $172,120 for households of one to seven people.

The building will have 177 residential units, according to city records. There will be 301 total parking spaces underground, three retail spaces on the ground floor and an area for an ambulatory diagnostic or treatment health care facility.

Offices will take up the second, third, fourth and fifth floors. Recreation space for the residential tenants will be on the second floor, along with exercise rooms, a reading room and library on the fifth floor and a lounge on the 22nd floor, according to DOB filings.

The building under construction in December 2018. Photo by Craig Hubert

This appears to be Fogarty Finger Architects’ first project in Brooklyn. Developers Tavros Capital, Charney Construction & Development and 1 Oak Development bought the site in March 2016 for $80 million.

The Landmarks Preservation Commission voted unanimously in April 2018 to designate the bank.

The site in 2005. Photo by Gregg Snodgrass for PropertyShark

Applications for the affordable housing lottery must be submitted by March 31, 2020. Apply through NYC Housing Connect. To learn more about how to apply for affordable housing, read Brownstoner’s guide.

Related Stories

Email tips@brownstoner.com with further comments, questions or tips. Follow Brownstoner on Twitter and Instagram, and like us on Facebook.

What's Happening