« Daffy’s Failure Means a Vacancy at Atlantic Terminal Mall | Main | The Brains Behind Brooklyn’s Boom »
July 18, 2012
Decoding first Atlantic Yards tower: "affordable" 2-BR rents from $726 to $3,112, murky financing plan, 20K square feet of "arena storage"
Atlantic Yards Report
HDC does its part to keep Atlantic Yards as opaque as ever.
The New York City Housing Development Corporation (NYC HDC) has passed along some cursory information regarding plans for the first Atlantic Yards residential tower, aka B2, the 32-story, 363-unit subject of a public hearing [today] at 1 pm.
There's no information on the agency web site. I was told I would have to file a Freedom of Information Law request for underlying documents, which will not be available for perusal [today].
However, the agency did send a two-page fact sheet, which bears significant similarity to two previous fact sheets (below) prepared by consultants for Forest City Ratner, but don't necessarily provide useful information to those who may wish to comment publicly [today].
The agency may provide up to $92 million in bonds, part of a financing plan that includes Low Income Housing Tax Credits, HDC Second Mortgage & Developer Equity. But it's not clear what the mix would be.
Here are the highlights:
- There's no mention if the building will be modular.
- A subsidized 2-BR unit in the lowest range of affordability should rent for $726,25.
- A subsidized 2-BR unit in the midrange of affordability should rent for $1,660/mo.
- A subsidized 2-BR unit in the highest range of affordability should rent for $3,112.50/mo.
- Of the affordable units, 20% will be 2-BR units, though developer Forest City Ratner's agreement with ACORN pledged 50% (in floor space) devoted to family-size units.
- The building is heavily weighted to smaller units, perhaps because more transient singles/couples would agree the location trumps living over an arena.
- The building will offer 20,000 square feet of "arena storage."
Posted by eric at July 18, 2012 10:42 AM