Affordable Housing Lottery in East New York Has $750 Studio Apartments

An affordable housing lottery for an East New York building with units starting at $750 per month is open for applications, with a total of 19 units available. The building sits beside another almost identical development whose affordable housing lottery kicked off days earlier. Both are designed by Nikolai Katz and developed by Urbane Management Inc., city records show.

The building is located at 2777 Atlantic Avenue, near the corner of Miller Avenue, and has a total of 63 units. Included in the lottery are 19 rent stabilized and income restricted studios and one-bedrooms. Of those, 14 could be deemed truly affordable for families earning 40 to 80 percent of the Area Median Income, with income limits set between $26,092 and $181,740 for households of one to three people, according to the listing.

Two studios are going for $750 and $1,217 a month, and 12 one-bedrooms are listed for $761 and $1,762 a month, depending on income levels. The remaining apartments in the lottery are for those earning 130 percent of AMI, including four studios at a pricey $2,450 a month.

The development, along with neighboring 2767 Atlantic Avenue, has taken the place of four structures, including three 19th century brick storefront buildings. A 19th century brick storefront on the corner was an empty lot by the 1980s, later replaced by a three-family house, old photos show. The structures were demolished sometime between 2021 and 2022, permit applications and Google Maps reveal.

The new building is gray, large, and blocky, with evenly spaced windows outlined in black and balconies, according to renderings. The ground floor commercial space is done in a contrasting dark gray, with large glassy openings.

According to NYC Housing Connect, the building has an intercom, security cameras, air conditioning, elevator, bike storage lockers, and a shared laundry room. Tenants pay for electricity for the stove, heat, and hot water.

City records show the current owners YC Atlantic LLC purchased the property from another LLC for $2.95 million in 2021, and the neighboring 2767 Atlantic Avenue for $1.65 million in 2017. According to permits filed with the Department of Buildings, Michael Rosenberg of Urbane Management Team Inc. is behind the development.

Given 2777 Atlantic Avenue takes advantage of the 2016 East New York 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 2767 Atlantic Avenue lottery closes June 27. To apply, visit the listing on New York City’s Housing Connect website.

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