Greenpoint Affordable Housing Lottery Opens With $1,881 Two-Bedrooms

An affordable housing lottery has launched for 24 apartments in a new development on Greenpoint’s Franklin Street. Dubbed Franklin Court, the modern, 80-unit mixed-use building that replaces an old foundry sits on the corner of Franklin and Quay streets and also has a facade along a section of Calyer Street.

Of the 24 studio, one-, and two-bedroom apartments in the lottery, all income restricted and rent stabilized, 16 could be deemed actually affordable. Those are for families earning an average of 80 percent of the Area Median Income, with income limits set between $55,680 and $122,000, for households of one to five people, according to the listing.

Two units are studios going for $1,546, 11 are one-bedroom apartments for $1,620, and three are two-bedroom units that will rent for $1,881. The remaining apartments in the lottery are for those earning 130 percent of AMI, including seven one-bedrooms priced at $3,253 a month.

Designed by StudiosC, renderings show the seven-story Franklin Court at the irregularly shaped lot at 33 Franklin Street has a modern and minimalist facade finished in a beige brick on the lower four stories and black on the upper levels. Views from Franklin Street show balconies start at the fourth floor. According to StudiosC website, the building’s large ground floor cut out next to the adjoining Franklin Street building leads to the residential lobby and main commercial entrance way and contains “a serene, planted courtyard.”

The apartments include floor-to-ceiling windows, white finishes, stainless steel appliances, high speed Internet, air conditioning, dishwashers, and hardwood floors, according to NYC Housing Connect, and some have private balconies. The building itself has a gym, outdoor areas, rooftop terrace, assigned parking spaces, and bike storage. It is pet friendly and smoke free. Tenants are responsible for electricity and hot water, and utilities including the gym, parking, and outdoor areas cost an extra fee.

The new-building permit approved by the Department of Buildings says the building has 54,771 square feet dedicated to housing, and the cellar will be commercial/retail space. There will be a total of 34 parking spaces, the permit says.

Franklin 33 LLC bought the site with its former commercial brick building back in 2019 for $18.5 million from the august but troubled art gallery Marlborough Gallery Inc., according to city records. Yidel Hirsch is the signatory for the LLC and is listed as the building’s owner in DOB permit applications.

Since at least the 1880s, the site was owned by The Burr & Houston Company foundry, which operated there until at least the 1950s, newspaper stories from the time show. A 1940s tax photo shows the property in its former glory. Some time between July 2021 and July 2022 what remained of the building was demolished.

Due to its industrial past, the site was contaminated and designated a brownfield by the state Department of Environmental Conservation, meaning it had to undergo an extensive cleanup before any work could happen. According to Department of Environmental Conservation documents, the site had semivolatile organic compounds (SVOCs) and metals present to around 4 feet below grade. There were also more shallow chlorinated volatile organic compounds and mercury.

The new development benefits from the Greenpoint rezoning and requires affordable units under the city’s Mandatory Inclusionary Housing Program. Because construction started on the project long ago, the building will likely qualify for the now-expired 421-a tax exemption program. Available market rate studios start at $3,300, one-bedrooms at $4,200, two-bedrooms at $6,200, and three-bedrooms at $6,800, Franklin Court’s website shows.

The Franklin Court lottery closes on May 20. To apply, visit the listing on New York City’s Housing Connect website.

[Images via NYC Housing Connect unless noted otherwise]

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