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100% Affordable Apartment Building Opens At Pacific Park

100% Affordable Apartment Building Opens At Pacific Park
A rendering of 535 Carlton, the first 100% affordable housing building in Pacific Park

Mayor Bill de Blasio and Greenland Forest City Partners cut the ribbon on the first 100% affordable housing building in Pacific Park, Brooklyn.

535 Carlton contains 298 units available exclusively to those who meet certain income requirements, from $20,100 per year for an individual to $149K for a family of three. Priority is given to city employees and individuals with disabilities. The building stands 18 stories with amenities such as a fitness center, a yoga studio, a game room and a children's play area. 

With the delivery of 535 Carlton, Pacific Park contains 479 below-market rate units, with more than 300 more promised for later in the summer. At the completion of the project, just across the street from Barclays Center near downtown Brooklyn, 2,250 of the 6,430 units will be affordable.

The New York City Housing Development Corp. provided a $73M, tax-exempt mortgage for 535 Carlton, as well as over $11M of subsidy financing. The JV of Chinese firm Greenland and Forest City Ratner also has plans for major office components at Pacific Park.