According to the real estate website, zumper.com, the average price of a rental in NYC currently (January 2022) stands at $3,150, up a massive 35% compared to the previous year. Most financial advisors recommend that your rent should be 30% of your monthly take-home salary. Spend any more than that and you will be, what is termed, “rent burdened.” Based on that, most renters in NYC should be making around $100,000 a year. Clearly, that’s unreasonable, which is where affordable housing comes in.
Affordable housing is NYC applying the brakes on developers' plans to build glossy amenity-laden condos with rents as high as their penthouses, ensuring middle-class wage earners don’t get priced out of the city many of their families have called home for generations. Other than maintaining demographic equilibrium in a city known for spiraling costs, authorities have practical reasons for providing affordable housing. The hundreds of thousands of workers that keep NYC moving such as transit workers, school teachers, emergency responders, janitors, and more all need a place to live. Here are some of the top affordable luxury rentals in NYC.
1) 266 Kent Avenue Apartments, Williamsburg, Brooklyn
An iconic 45-story tower, shaping the Williamsburg waterfront comprising studio to two bedroom apartments. If you happen to be lucky enough to have your name pulled out of the lottery for this development, you would have definitely landed a result. 266 Kent Avenue Apartments come complete with a gym, pool, outdoor terrace, children’s playroom, and more.
2) Brooklyn Crossing, 18 Sixth Avenue, Prospect Heights, Brooklyn
Located in sought-after Prospect Heights, Brooklyn Crossing comprises 258 newly constructed 1-3 bedroom units. Interior and exterior amenities include 24-Hour Concierge, Doorman, Pool, Gym, Media Room, and Business Center.
3) 30 Kent Street Apartments, Greenpoint Brooklyn
Eligible Income: $51,463 - 167,570 Apply by: February 19, 2022.
If you’ve ever wanted to live in Greenpoint but couldn’t afford it, this is your opportunity. Close to the G Train and East River Ferry, this 80 unit building has 24 (studio to two bedroom) units designated for affordable housing. Amenities include a gym, yoga/dance studios, garages, dog-washing stations, and a business center.
4) 10 Montieth Street, Bushwick, Brooklyn
Eligible Income: $33,498 - $77,340 Apply by: February 7, 2022.
A luxury resort-style development on the Bushwick/Williamsburg border, 10 Montieth Street is like a city within a city. It comprises 500 units and over 70,000 square feet of outdoor space. There are 41 unique amenities including a gym, laundry, yoga/dance studio, and children’s playroom.
5) Rose Castle, 33 Nassau Street, Greenpoint, Brooklyn
Located in prime Williamsburg, comprising one and two-bedroom apartments over eight floors, amenities in the building include a gym, electric car charging, and bike storage.
6) 23 West Street aka 40 Oak Street, Greenpoint, Brooklyn, NY
Eligible Income: $54,583 - $103,120 Apply by: March 31, 2022.
Another chance to live in Greenpoint with waterfront and NYC views. Modern open floor plans with covered parking facilities. Potential renters won’t have the luxury of a gym or rooftop pool but the convenient location of 23 West Street aka 40 Oak Street means that you’re never far from the action.
7) 196 Willoughby Street Apartments (aka The Willoughby), Fort Greene, Brooklyn
Eligible Income: $86,503 - $167,570 Apply by: March 21, 2022.
Containing 143 units, this high-end luxury building in the heart of leafy Brooklyn represents a great opportunity for someone fortunate enough to win a housing lottery. Sleek and ultra-modern, featuring studio to two-bedroom apartments, facilities include a fitness center (gymnasium), business and lounge areas, exterior cooking and seating, dog spa (dog wash), and an exterior dog run.
8) Sendero Verde Phase 1 60 E 112th St., New York & 75 E 111th St., East Harlem, New York
Eligible Income: $15,806 - $162,800 Apply by: February 25, 2022
Using the traditional red brick color of older York City apartment buildings, this 324 unit development has a far lower entry point than many other affordable housing projects. That's because the Sendero Verde was constructed through the Extremely Low & Low-Income Affordability (ELLA) program of the New York City Housing Development Corporation (HDC) and the New York City Department of Housing Preservation and Development (HPD) and the Mandatory Inclusionary Housing (MIH) Program of HPD. Having said that, there are quite a few amenities including a gym, bike storage, community center, and outdoor terraces.
9) The Crown - 524 Ocean View Avenue, Brighton Beach, Brooklyn
Eligible Income: $63,429 - $167,570
If you ever wanted to live by a New York City beach, this is your opportunity. It might not be the Hamptons, but Brighton Beach, Brooklyn has a history and an immigrant neighborhood vibe that makes it feel like home to many of its long-time residents. The Crown consists of 27 one and two-bedroom rental units. Amenities include a resident’s lounge, bike storage, and onsite parking.
10) Rise, 2917 40th Ave, Long Island City, Queens
Eligible Income: $53,898-$192,400 Apply by: March 24, 2022
This luxury Long Island City 10-story building is steps away from the vibrant Northern Boulevard. Sleek modern finishes, a quick subway ride into Manhattan, and amenities including a rooftop terrace, gym, and yoga room make this a great building to call home.
Conclusion
Winning a lottery, any lottery isn't easy and the New York City lottery is renowned for being a tough nut to crack. That said, with a construction boom incentivized by the 421A tax breaks to developers, there will be thousands of affordable rentals coming to market over the next year. Apply to every one of them and a luxury apartment with water views might just have your name written on it.
Have any questions or would like to tour one of these apartments? Reach out to me at gene@charneycompanies.com.