Affordable Housing Lottery Opens for Gowanus Tower With $823 Units

An affordable housing lottery has opened for one of two towers in a glassy new development on the banks of the Gowanus Canal beside the Union Street Bridge dubbed Society Brooklyn. The complex, one of the first to rise in the neighborhood after it was rezoned, includes an outdoor rooftop pool overlooking the canal, as well as waterfront access, barbecue equipment, parking garages, and a yoga lawn.

Included in the lottery for Society Brooklyn at DeGraw, located at 500 Degraw Street, are 88 studio, one-, and two-bedroom apartments, all rent-stabilized and income-restricted, 70 of which could be deemed truly affordable. Those are set aside for families earning 40 and 60 percent of the Area Median Income, or between $33,086 and $105,000 a year for households of one to five people, according to the listing.

Seven of the units are studios at $823 and $1,290 a month, 44 are one-bedroom apartments going for $874 and $1,374, and 19 are two-bedrooms renting for $1,031 and $1,631 a month. The remaining 18 apartments are aimed at households of one to five people earning 100 percent of AMI, or $81,120 to $175,000 for households of one to five people. One-bedrooms in this bracket cost $2,375 and two-bedrooms rent for $2,832 a month.

The 21-story two-tower Society Brooklyn development includes 344 units at Society Brooklyn at DeGraw and 173 apartments at Society Brooklyn at Sackett, according to the permits. It was designed by SLCE Architects and developed by Property Markets Group and Carlyle Group.

In addition to the heated rooftop pool, the complex offers a gym, business center, outdoor and rooftop terraces, green space, bike storage lockers, and parking garages, according to the lottery listing. The website for Society Brooklyn describes a Jumbotron theater, co-working space, and herb garden, among other amenities. The building is smoke free and residents are allowed two pets per apartment, but they must weigh less than 75 pounds and are subject to breed restrictions, the listing says.

Apartments have dishwashers and washers and dryers, the listing notes. While the rent includes hot water, tenants are responsible for electricity, which includes the stove and heating. Renderings show the units have floor-to-ceiling windows, white finishes, and light wood floors and cabinetry.

The glassy towers with black metal panelling sprout from orange brick podiums. The rooftop terraces and pool are located on the podiums, renderings show.

The mixed-use buildings include ground floor commercial space with double height glass windows. The renderings also show a walkway with wooden seating, pathways, and plantings between the complex and the canal. Public access is required as part of the rezoning, city records show.

Unregulated apartments in the building recently started leasing, and move-ins were scheduled to start May 15, according to listings on StreetEasy. The 12 units currently listed online include studios starting at $3,695 a month, one-bedrooms at $4,460, and two-bedrooms from $6,795.

Prior to the new development, the giant site housed low-lying industrial buildings used by Bayside Fuel Oil Corp., according to property records and the state’s Department of Environmental Conservation. The property runs from Degraw to Union streets between the Gowanus Canal and Bond Street. Former addresses include 498 Sackett Street and 267 Bond Street.

Records show PMG purchased both sites in 2021 for $9 million, and in 2023 transferred them to Bayside Gowanus Owner LLC for $100 million, a joint venture between PMG and Carlyle Property Group.

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 Society at Degraw lottery closes on May 27. To apply, visit the listing on New York City’s Housing Connect website.

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