The Q at Parkside

(for those for whom the Parkside Q is their hometrain)

News and Nonsense from the Brooklyn neighborhood of Lefferts and environs, or more specifically a neighborhood once known as Melrose Park. Sometimes called Lefferts Gardens. Or Prospect-Lefferts Gardens. Or PLG. Or North Flatbush. Or Caledonia (west of Ocean). Or West Pigtown. Across From Park Slope. Under Crown Heights. Near Drummer's Grove. The Side of the Park With the McDonalds. Jackie Robinson Town. Home of Lefferts Manor. West Wingate. Near Kings County Hospital. Or if you're coming from the airport in taxi, maybe just Flatbush is best.

Monday, May 2, 2016

Affordable to Whom? It's Not a Myth

As neighborhood naysayers continues to thwart a Planning Study that would unquestionably lead to the creation of more affordable housing, word comes that 626 Flatbush and its 50 units of affordable rentals will be opening end of summer or so.

And so, as the building spree continues, it turns out that the best hope for the future has been relegated to a 23 story building, much taller than we should have expected in exchange for the much needed working folks' units.

How affordable? The units are designed for those making 40 to 50 % of AMI (Area Mean Income). That is, folks making around $35 - $40K. So when someone asks "affordable to whom," that's pretty much your answer. Apartments renting for around $1,000 or less.

Yimby's Article


cali said...

What is going to be the market rate for the apts? I tried but couldnt find online

Clarkson FlatBed said...

Not sure. Heck it could change by the time they open the rental office! But I'd guess low $2Ks for studios up to $3K for 2 and 3 beds. Anyone else want to venture a guess? Definitely up to $4K for the top floors...

MikeF said...

The cost of market rate rentals is closely tied to the selling prices of area condos.

I predict a high floor condo could fetch $1100 a sq ft, so a 1000 sq ft 2 BR would fetch $1.1M.

Then multiply this price by .005 = $5,500 a month.