Lottery Opens for Pacific Park Tower in Prospect Heights
The 421-a program is set at an Area Median Income of 130 percent — slightly more than the median income for the greater New York region. The apartments, designed by Marvel Architects and located at 662 Pacific Street just across from Barclays, are bigger and have nicer finishes than average new construction in Brooklyn. As for the monthly rents, they are half the price of comparable “market rate” units in the same building, known as Plank Road Apartments. The apartments are about the same or more expensive than a bigger unit in a non-stabilized prewar apartment in the same area would be.
The latest tower to go up in the long-in-the-works Pacific Park (Atlantic Yards) mega-development is a market rate one on the corner of Pacific and 6th Avenue in Prospect Heights, once known as B5. The developer, The Brodsky Organization, has applied for a tax break under the state’s 421-a program and as a result, the building has income-targeted, rent-stabilized units whose lottery launched last week. Interestingly, Brodsky is not calling them “affordable” but rather “middle income.”