Real Estate

Affordable Housing Lottery Opens in Greenpoint Tower With Studios Starting at $848 a Month

The development, which tops out at 40 stories, sits close to the mega-development Greenpoint Landing and was similarly made possible by the 2005 rezoning of Greenpoint and Williamsburg.

affordable housing - rendering of two towers at the waterfront

Rendering via NYC Housing Connect

by Anna Bradley-Smith

10/02/2023 0

An affordable housing lottery has launched for 230 apartments in an under-construction two-tower high-rise on the waterfront in Greenpoint. The development, which tops out at 40 stories and is known as Tower 77, sits close to the mega-development Greenpoint Landing and was similarly made possible by the 2005 rezoning of Greenpoint and Williamsburg.

Tower 77’s two near-identical towers, both with an address of 85 Commercial Street, climb to 40 and 30 stories and are joined at the base by a seven-story podium. Three separate new building permits were filed for the structures under the addresses 77, 85, and 87 Commercial Street. The permits say the development will have a total of 754 studio, one-, two-, and three-bedroom apartments.

The housing lottery is aimed at households from one to seven people earning 40 percent to 130 percent of Area Median Income, or between $32,023 and $218,875 a year. The most affordable apartments in the lottery are 100 units priced for those earning 40 percent, 50 percent and 60 percent of Area Median Income, or $50,840, $63,550, and $76,260 for a family of three. Starting prices for these are studios at $848 a month, one-bedrooms at $903, two-bedrooms for $1,071, and three-bedrooms for $1,225 a month.

The remaining 130 units are for those earning between 80 and 130 percent of AMI and include two-bedrooms for $2,232 a month. The most expensive unit in the lottery is a three-bedroom at $4,173 a month. For full details about prices, income limits, and the number of apartments available, please see the chart included in the lottery listing.

Developed by Clipper Equity and designed by CetraRuddy, Tower 77 is located in a waterfront area intended to be transformed by the 2005 Greenpoint-Williamsburg Rezoning from a ramshackle and polluted former industrial hub into a glittering high-rise residential neighborhood with shops and parks.

Greenpoint has three Superfund sites and was also subjected to one of the largest oil spills in the country’s history. One of the Superfund sites, NuHart Plastics, is across the street from Tower 77. Major public and private investment has gone into cleaning up the still-polluted neighborhood, which also faces rising sea levels.

housing chart — To view the full chart of available units and requirements visit NYC Housing Connect

Also on Commercial Street is the 22-acre 10-building high-rise complex Greenpoint Landing. An housing lottery for a 100 percent affordable building in the development opened in June, with units starting at $410 a month.

Similar to many buildings in Greenpoint Landing, Tower 77 has a largely glass facade with panes divided by a bronze grid. According to NYC Housing Connect, the units have plenty of natural light with oversized windows, open kitchens, and light-drenched living spaces. The apartments have a range of features including air conditioning and energy efficient appliances. Some have in-unit washers and dryers.

The complex has an indoor pool, sauna and spa, gym, basketball court, tennis court, BBQ area, business center, dog washing station, and other amenities. “Fees may apply to all amenities,” the listing notes. According to the permits, it includes retail space and an ambulatory center.

the two towers under construction — The towers in June of this year. Photo by Susan De Vries

David Bistricer of Clipper Equity is listed as the owner on the new building permits. Clipper Equity, under the name LLC Waterview at Greenpoint, bought the lot in 2012 for $25 million.

Because of the rezoning, a percentage of the development’s apartments are required to be affordable through the city’s Mandatory Inclusionary Housing program, and the developers also expect to benefit from the 421-a tax exemption, NYC Housing Connect states.

The Tower 77 lottery closes November 27. To apply, visit the listing on New York City’s Housing Connect website.