Wall Street Journal staffer Josh Barbanel spotlights the case of a 52-story tower at 250 Ashland Place, where even affluent Brooklyn hipsters may qualify for the ultimate New York amenity: a so-called affordable apartment available for below-market rents.
Barbanel checks in with multiple viewpoints on experiments around the expansion of both below-market rate and market rate apartment communities, since all levels of housing are scarce in a number of cities. Barbanel writes on the specifics of the 250 Ashland Place property:
Market rents are due to start at $2,800 for a studio to $6,500 for a three- bedroom apartment. Affordable rents start at $801 for studios for the lowest income band, up to $3,649 for three-bedroom apartments in the highest band. The median Brooklyn rent is $2,899, according to Miller Samuel Inc. and the Elliman report.
The plan for 250 Ashland Place calls for 118 apartments for households at 60% of area median income for each household size; 82 for 135%; and 82 at 165%. The rest are market rate.