East New York Affordable Housing Lottery Opens With Rents Starting at $761

An affordable housing lottery has launched for a new 14-story development on Atlantic Avenue in East New York. The 233-unit building replaced neighborhood icon Mrs. Maxwell’s Bakery and its parking lot.

Included in the lottery for the project, dubbed 2700 Atlantic Avenue Apartments and located at 2700 Atlantic Avenue, are 44 one-, two-, and four-bedroom units, all rent stabilized and subject to income limits. Most are truly affordable, with 35 apartments set aside for households of one to nine people earning 40 and 60 percent of Area Median Income, or $35,692 to $136,080 a year, according to the listing.

In those brackets there are 22 one-bedroom apartments renting for $761 and $1,261 a month, 11 two-bedrooms for $833 and $1,433 a month, and two four-bedroom units for $931 and $1,705 a month. The listing states 5 percent of the apartments are set aside for people with mobility impairments and 2 percent are set aside for people with hearing or vision impairment.

The remaining nine units in the lottery are for households earning 100 percent AMI, or $87,155 to $175,000 a year for households of one to five people. There are eight one-bedroom units for $2,262 a month and one two-bedroom apartment for $2,634.

The 2700 Atlantic Avenue Apartments building is developed by Joel Schwartz through 2700 Atlantic LLC and designed by Peter Pizzimenti, permits show. Apartments have air conditioning, balconies, and energy efficient appliances, according to the listing. The building has shared laundry and bike storage. Tenants have to pay for electricity, which includes the stove, hot water, and heat. The building is smoke free and allows pets.

The development is a large square building with a setback at the 10th story along Atlantic Avenue. Gray and red brick vertical panels break up the largely white facade. The building, which runs along Atlantic Avenue between Wyona and Vermont streets, includes commercial space on the ground floor with floor-to-ceiling glass windows.

The new development has replaced a bakery that had been operating on the block since the 1920s. It was renamed Mrs. Maxwell’s Bakery during World War II. City records show the longtime owners sold the building to 2700 Atlantic LLC in 2018 for $11.5 million. In 2021, the LLC then sold it on to 2700 Atlantic Ground Lessor LLC, and leased it back for a 100 year term. In 2018, the LLC applied to demolish the building on the site, and in 2020 it applied for a new-building permit.

Mrs. Maxwell’s Bakery appears to have reopened in the neighborhood on Van Siclen Avenue, between Linden Boulevard and Stanley Avenue.

Given 2700 Atlantic Avenue is within the area of East New York rezoned in 2016 and takes advantage of the rezoning, it must contain truly affordable units as part of the Mandatory Inclusionary Housing program. It will also likely benefit from the 421-a tax break, which requires a set aside of income restricted, rent stabilized units.

The 2700 Atlantic Avenue Apartments lottery closes May 26. To apply, visit the listing on New York City’s Housing Connect website.

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