East New York Affordable Housing Lottery Has Two-Bedrooms for $1,099

An affordable housing lottery has opened for a recently completed eight-story development on East New York’s Fulton Street, in a section of the neighborhood that was rezoned in 2016 and has seen a wave of new development. The new building, which has a total of 51 apartments, sits on the corner of the major thoroughfare and Van Siclen Avenue on what has long been a vacant grassy lot.

Included in the lottery for 2795 Fulton Street Apartments are 13 one-, two-, and three-bedroom apartments, all rent stabilized and income restricted and all of which could be deemed truly affordable. The units are set aside for families earning 40, 60, and 80 percent of the Area Median Income, or between $51,018 and $160,720 a year for households of one to seven people, according to the listing.

There is a one-bedroom that rents for $1,556 a month. Eight are two-bedroom apartments going for $1,099, 1,798 and $2,497. Also included are four three-bedrooms priced at $2,015 and $2,823 a month.

Designed by Nikolai Katz Architect and developed by 2795 Fulton St LLC, the new building includes a shared laundry room and outdoor terrace, according to the listing. Units have air conditioning and energy efficient appliances. The listing says tenants have to pay for electricity, which covers the stove, heat, and hot water. Tenants are allowed one pet weighing up to 25 pounds, the listing adds.

Renderings show the development has a largely dark grey facade with light grey bands. It steps down to three stories on Van Siclen Avenue to be more in line with the height of the neighboring houses and there is also a set back at the sixth story. The ground floor commercial space has floor to ceiling glass windows along the Fulton Street facade.

Prior to the new development, the corner site was a vacant lot. A tax photo from the 1940s shows it once housed mixed-use brick buildings, but it appears to have been vacant for decades. There have been applications for a new building on the site dating back to 1992, city records show, but nothing was built. The East New York Neighborhood Plan, the major area rezoning passed in 2016, made it possible to construct a taller and bigger building on the site.

In 2011, Itzchak Zivari purchased the lot for $425,000 and in 2022 he sold it on to the current owners, whose signatories include Joel Schwartz, for $2.62 million, city records show. Yisroel Greenfeld is listed as an owner on the new-building permit, which was last renewed in May this year. A certificate of occupancy for the new building was issued in August.

Because the development takes advantage of the rezoning, it is required to include affordable units under the city’s Mandatory Inclusionary Housing program. It is also expected to receive the 421-a tax break, according to the listing.

The 2795 Fulton Street Apartments lottery closes on October 6. To apply, visit the listing on New York City’s Housing Connect website.

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