Brooklyn’s Newest Luxury Building Offers Rent-Stabilized Apartments

Downtown Brooklyn is experiencing a renaissance and becoming one of the hottest new places to live, work and play. The transformation of the area over the last decade has created a powerful social and cultural hub, but with this change, comes increasing rents.

Many New Yorkers yearn to live amongst the excitement in Downtown Brooklyn but think they can’t afford it. However, now low and middle-income New Yorkers – the latter category including those with salaries into six figures – might be eligible for rent-stabilized apartments, including subsidized housing in the newest luxury developments.

Offered through programs sponsored by NYCHDC and NYCHPD, these housing opportunities are only available through lottery programs.

Our client Gotham Organization just launched an affordable housing lottery for 250 Ashland Place, a full-service, 52-story residential tower located in the vibrant neighborhood of Fort Greene, Brooklyn. The building will offer 282 affordable apartments for a variety of household sizes and income levels from $28,835 to $200,400, all rent-stabilized (household and income restrictions apply). The lottery closes on April 11, 2016.

The newest luxury rental building in Brooklyn’s BAM Cultural District, 250 Ashland Place is located just a few blocks away from amazing dining, retail and entertainment destinations including Barclays Center, the Theatre for a New Audience (TFANA), and The Brooklyn Academy of Music (BAM). The building is also conveniently located 5 minutes away from eleven subway lines (B,C,D,N,Q,R,2,3,4,5,G) including Atlantic Terminal, which also has access to the LIRR.

250 Ashland Place features a 24-hour attended lobby, fitness center, playroom, resident lounge, concierge, bike storage and laundry in the building (additional fees may apply).

Residents who already live in the Community Board 2 area — which includes Downtown Brooklyn, DUMBO, Fort Greene, Clinton Hill, Boerum Hill, Vinegar Hill and Brooklyn Heights — will get preference for half of the affordable units. City employees will get preference for 5 percent of the affordable units.

For more information on NYC affordable housing lotteries, visit NYC Housing Connect or visit www.AshlandLottery.com.

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