Affordable Housing Lottery Opens for Gowanus Canal Towers With $784 Studios

One of the first luxury towers to benefit from the Gowanus rezoning is nearly complete and has launched an affordable housing lottery as well as market-rate rentals.

The affordable housing lottery opened today for the towering complex at 420 Carroll Street, right on the banks of the canal, with studios starting at $784 a month. Meanwhile, market-rate units, which went on the market in late July according to StreetEasy, include studio apartments starting at $3,436 a month, the building’s website shows.

In the lottery for 420 Carroll Street are 89 apartments, all rent stabilized and income restricted, 72 of which could be deemed truly affordable. Those are targeted at households of one to seven people earning between $31,200 and $115,560 a year, or 40 and 60 percent of Area Median Income, according to the listing.

Ten are studio units are at $784 and $1,251 a month, 38 are one-bedroom apartments at $828 and $1,328 a month, 18 are two-bedroom units at $967 and $1,567 a month, and six are three-bedroom apartments at $1,093 and $1,787 a month.

There are 17 apartments targeted at families earning 100 percent AMI, or $79,235 to $192,600 a year, with studios set at $2,185, one-bedrooms at $2,329, two-bedrooms at $2,768, and three-bedrooms at $3,174. The most expensive unit in the lottery is one one-bedroom set aside for households earning 130 percent AMI, and that is renting for $3,298 a month.

According to the lottery, apartments in The Domain Companies-developed and FXCollaborative-designed towers include air conditioning, balconies, hardwood floors, in-unit washer/dryers, smart controls for heating and cooling, dishwashers, and high-end appliances and finishes. A press release from the developer and partners adds the units have WiFi-enabled induction stoves and occupant-controlled zoned heating and cooling systems. The release says both towers are “expected to receive LEED Gold or Platinum level certification.”

The two buildings that make up the development include a gym, cinema, recreation room, children’s playroom, party room, parking, electric vehicle charging stations, bike storage, a rooftop terrace, and, notably, a waterfront promenade along the Gowanus Canal. The listing also says there will be a dog park for the pet-friendly building although, like some amenities, that could come at an extra expense.

According to the press release, residents will be able to travel between the two towers through a “subterranean tunnel,” allowing them to use all the building’s amenities including what the developer has dubbed “The Shop.” The latter includes affordable art studios, co-working space, green space, a fitness center, a lounge, and more, the release states.

The building will be smoke free, according to the listing. Tenants will be responsible for paying for electricity, which includes the electric stove and heat.

It’s impossible to miss the 16- and 21-story towers at 420 Carroll Street on the eastern side of the canal near the Carroll Street Bridge when approaching the neighborhood from any direction. They are two of the first buildings to rise to their full height in the recently rezoned area, and together will bring online 360 apartments.

According to the property’s website, market-rate studio apartments in the development start at $3,436 a month, one-bedrooms go from $4,400, two-bedrooms begin at $6,467, and three-bedrooms run at least $8,862.

The exteriors of the two towers, renderings show, are mostly made up of windows divided by paneling and concrete in shades of gold, gray, and beige. Interiors, done by Alan Mainer Studios, appear to follow in the neutral vein, with white finishes in the apartments and, in the common areas, a bit of gray tile and terrazzo in addition to white.

While the complex has not yet received a temporary or final certificate of occupancy, Building Department records show, move-ins are anticipated to start this fall, the press release states.

The Domain Companies Co-CEO Matt Schwartz said in the release that the launch of the lottery is a “milestone” that “represents an important stride for the development of the neighborhood.”

Prior to the new development, the site at 420 Carroll Street housed a three-story commercial building used by sewer and plumbing businesses Alex Figliolia Water and Sewer and Liberty Water & Sewer, as well as parking. In 2018 the deed for the property was transferred to 420 Carroll LLC for $47.5 million, according to city records.

The affordable housing lottery will likely be joined by many others in the recently rezoned area, given all new buildings that take advantage of the rezoning will be required to include a percentage of truly affordable units through the Mandatory Inclusionary Housing program. According to the listing, 420 Carroll will also receive a tax abatement through the 421-a program.

The 420 Carroll Street lottery closes on October 28. To apply, visit the listing on New York City’s Housing Connect website.

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