The latest affordable housing lottery to open for a new development made possible by the Gowanus rezoning is for the still under-construction 499 President Street Apartments. The nine-story development, which wraps around the Royal Palms Shuffleboard building between Nevins and Union streets, comprises 350 apartments in total.
Included in the lottery for the new development at 499 President Street (formerly 469 President Street) are 88 units, all rent stabilized and income restricted, 70 of which could be deemed truly affordable. Those are targeted at households of one to five people earning between $31,235 and $100,620 a year, or 40% and 60% of Area Median Income, according to the listing.
There are 19 studios at $784 and $1,251 a month, 40 one-bedroom units at $828 and $1,328 a month, and 11 two-bedroom apartments renting for $967 or $1,567 a month. The remaining 18 apartments are targeted at families earning 100% AMI, or $79,269 to $167,700 a year, with one-bedrooms for $2,329 and two-bedrooms for $2,768 a month.
Developed in a partnership between Avery Hall and The Brodsky Organization and designed by SLCE Architects, the complex includes a gym, yoga studio, golf simulator, pool, shared laundry room, community center, outdoor and rooftop terraces, bike storage, garages, and electric vehicle charging, according to the listing. Additional fees may apply for some amenities and tenants must pay for electricity, which covers a stove and heating.
While there are no renderings available of the building’s interiors or of the units, renderings show the outside has a beige brick facade with some detailing in the columns that run between the many multi-paneled windows. Setbacks from the sixth floor up create private planted terraces. The commercial ground floor is largely floor-to-ceiling glass windows.
Prior to the new development, the site, like much of the rezoned Gowanus, housed industrial warehouse buildings. Most recently, the largest building on the corner of President and Nevins streets was occupied by an e-waste facility.
In November 2022, the deed for the entire site was transferred from 473 President LLC to Gowanus President Owners LLC for $75.97 million, according to city records. Before developing the site, Avery Hall and The Brodsky Organization were required to take on significant environmental remediation to address the soil contamination leftover from the site’s industrial past.
The pair also had the same experience with their nearby development at 655 Union Street, which housed a Speedway gas station before the developers purchased it in 2019 for $29.75 million, according to city records.
Because the development is taking advantage of the rezoning, it is required to include affordable units under the Mandatory Inclusionary Housing program. It is also expected to receive the 421-a tax break, according to the listing.
The 499 President Street Apartments lottery closes on Feb. 3. To apply, visit the listing on New York City’s Housing Connect website.
This story first appeared on Brooklyn Paper’s sister site Brownstoner
