An exciting opportunity for affordable housing has emerged in Brooklyn as the lottery opens for apartments in the newly constructed towers at 420 Carroll Street, situated along the Gowanus Canal.
View of 420 Carroll Street towers along Gowanus Canal, Brooklyn
By Anna Bradley-Smith
08/28/2024
The Gowanus neighborhood, currently undergoing significant rezoning transformations, welcomes its first luxury residential towers with the launch of an affordable housing lottery at 420 Carroll Street. This development marks a significant step in integrating affordable living options within the rapidly evolving landscape of Gowanus.
Prospective residents can now apply for the housing lottery at the impressive complex located at 420 Carroll Street, perfectly positioned on the Gowanus Canal waterfront. Studio apartments in this lottery are offered at rents as low as $784 per month, presenting a remarkable opportunity in the competitive New York City housing market. Simultaneously, market-rate units are also available for lease, having been listed since late July on platforms like StreetEasy. According to the building’s official website, market-rate studios start at $3,436 per month, highlighting the substantial affordability advantage of the lottery units.
The 420 Carroll Street lottery encompasses a total of 89 rent-stabilized apartments, designed to be genuinely affordable for a range of incomes. Specifically, 72 of these units are designated for households earning between 40 and 60 percent of the Area Median Income (AMI), translating to annual incomes from $31,200 to $115,560 for households of one to seven people. Detailed information can be found on the official listing through NYC Housing Connect.
Within the affordable housing lottery at 420 Carroll Street, a diverse range of apartment sizes are available at reduced rents. Ten studio apartments are priced at $784 and $1,251 per month. For those needing more space, 38 one-bedroom apartments are listed at $828 and $1,328 per month. Families can consider the 18 two-bedroom units available for $967 and $1,567 per month, while larger families might be interested in the six three-bedroom apartments renting for $1,093 and $1,787 per month.
In addition to these deeply affordable options, 17 apartments at 420 Carroll Street are reserved for households earning up to 100 percent AMI, with incomes ranging from $79,235 to $192,600 annually. Rents for these units are set at $2,185 for studios, $2,329 for one-bedrooms, $2,768 for two-bedrooms, and $3,174 for three-bedrooms. The highest-priced affordable unit in this lottery is a single one-bedroom apartment for households earning 130 percent AMI, with a monthly rent of $3,298.
Developed by The Domain Companies and designed by FXCollaborative, the apartments at 420 Carroll Street are equipped with modern amenities. Lottery applicants can anticipate apartments featuring air conditioning, private balconies, elegant hardwood floors, convenient in-unit washer/dryers, smart climate controls, dishwashers, and premium appliances and finishes. A press release from the developers further details WiFi-enabled induction stoves and individually controlled heating and cooling systems in each unit. The developers also aim for LEED Gold or Platinum certification for both towers, emphasizing sustainable living.
Rendering of luxury living room interior at 420 Carroll Street, Gowanus
Rendering of modern kitchen interior with white cabinets at 420 Carroll Street, Gowanus
Rendering of contemporary bedroom interior with large windows at 420 Carroll Street, Gowanus
The 420 Carroll Street development offers residents a comprehensive suite of amenities across its two buildings. These include a well-equipped gym, a cinema room for entertainment, a recreation room for leisure activities, a children’s playroom, and a party room for social gatherings. Practical amenities also include parking facilities, electric vehicle charging stations, and bike storage. Residents can enjoy outdoor spaces such as a rooftop terrace and a scenic waterfront promenade along the Gowanus Canal. Pet owners will appreciate the inclusion of a dog park, although some amenities may involve additional fees, as noted in the housing lottery listing.
According to the developer’s press release, a unique feature of 420 Carroll Street is a “subterranean tunnel” connecting the two towers. This allows residents seamless access to all amenities throughout the complex, including “The Shop,” a dedicated space offering affordable art studios, co-working areas, green spaces, a fitness center, and a resident lounge.
The building maintains a smoke-free environment for the health and comfort of all residents. Tenants are responsible for electricity costs, which cover the electric stove and heating.
Architectural rendering of 420 Carroll Street twin towers in Gowanus, Brooklyn
Rendering of a modern gym facility with natural light at 420 Carroll Street apartments, Gowanus
Rendering of an inviting lobby area at 420 Carroll Street residential towers, Gowanus
Rendering of an outdoor courtyard space between the towers at 420 Carroll Street, Gowanus
Approaching Gowanus, the impressive 16- and 21-story towers at 420 Carroll Street are hard to overlook, standing prominently on the eastern bank of the canal near the Carroll Street Bridge. These towers are among the first to reach completion in the newly rezoned Gowanus area, adding 360 apartments to the neighborhood’s housing inventory.
Market-rate apartments at 420 Carroll Street, as listed on the property’s website, start at $3,436 for studios, $4,400 for one-bedrooms, $6,467 for two-bedrooms, and $8,862 for three-bedroom units, underscoring the value offered by the affordable housing lottery.
The exterior design of the towers features expansive windows complemented by paneling and concrete in gold, gray, and beige tones, as seen in renderings. The interiors, designed by Alan Mainer Studios, maintain a neutral palette with white finishes in the apartments and gray tile and terrazzo accents in common areas.
View of 420 Carroll Street towers from across the Gowanus Canal in Brooklyn
While awaiting final certifications, move-ins at 420 Carroll Street are anticipated to commence this fall, according to the developer’s press release.
Matt Schwartz, Co-CEO of The Domain Companies, highlighted the lottery launch as a “milestone” and “an important stride for the development of the neighborhood,” emphasizing the project’s role in Gowanus’s revitalization.
Previously, the 420 Carroll Street site was occupied by a three-story commercial building housing sewer and plumbing businesses, along with parking facilities. Property records indicate the site was acquired by 420 Carroll LLC in 2018 for $47.5 million.
Historical view of the 420 Carroll Street site in Gowanus, Brooklyn, pre-development
The affordable housing lottery at 420 Carroll Street is expected to be the first of many in the rezoned Gowanus area. New developments in this zone are mandated to include affordable units under the Mandatory Inclusionary Housing program. The 420 Carroll development also benefits from a tax abatement through the 421-a program, as per the lottery listing.
The application deadline for the 420 Carroll Street housing lottery is October 28. Interested applicants can apply through the NYC Housing Connect website at https://housingconnect.nyc.gov/PublicWeb/details/5179.
Explore More:
Email [email protected] for comments or questions. Follow Brownstoner on Twitter and Instagram, and like us on Facebook.
Gowanus Real Estate 420 Carroll Street Affordable Housing Domain Companies FXCollaborative Gowanus Rezoning Housing Lottery NYC Housing Connect
