An affordable housing lottery has opened for nine units in a newly constructed nine-story building at 371 Stockholm Street in Bushwick, now called The Scarlet.
All the affordable apartments are two-bedroom, one-bathroom units with monthly rents of $1,995. A floor plan included with the lottery listing seems to show the units have the rare luxury of a balcony, but are cramped at only 526 square feet. Design touches include blue kitchens and attractive walls of windows.
Set at an Area Median Income of 130 percent, eligible incomes range between $68,400 and $159,640 for households of two to five people.
There’s a total of 27 apartments in the building, with a 16-car parking garage underground. A health care facility will occupy the ground floor, with units on the floors above. A gym for residents appears to be located on the second floor.
The site was formerly an outpatient parking lot for the Wyckoff Heights Medical Center, which is located diagonally across the street.
The perhaps appropriately named But Why Corp is listed as the owner. They purchased the property, two lots that were later combined, for $2.4 million in 2015. Panagis Georgopoulos is the applicant of record. His firm has worked on a number of projects in nearby Ridgewood, Queens with the same developer.
Leasing for market-rate units began in December 2018. Based on the listing photos, there are floor to ceiling windows, open kitchens, and balconies for some of the apartments. Asking rents have been as low as $2,475 a month, which is $480 more than the affordable units.
Applications for the affordable housing lottery must be submitted by November 23, 2020. Apply through NYC Housing Connect. To learn more about how to apply for affordable housing, read Brownstoner’s guide.
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