365 bond street lottery

365 bond street lottery

Pardon me for asking, but doesn’t it seem a bit surprising that 365 Bond Street, the 12-story rental development by Lightstone Group in Gowanus, has felt the need to advertise its apartments on Craig’s List? The developer is now offering a month free, ‘end of summer specials’, and telling people to ask about ‘incentive information’ on the building’s own site. Could this be an indication that, perhaps, the units in this building are not renting out as fast as anticipated?

Just search Craig’s List for ‘apartments for rent’ in Gowanus (or Carroll Gardens) and you will come across quite a few listings for units at 365 Bond Street.

The luxury rental development on the shore of the Gowanus Canal, an EPA Superfund, was completed in early 2016. Of the 430 apartments in the building, 83 were set aside as ‘affordable’. The market rate apartments were offered for rent this past March through Douglass Elliman, which operates a ‘leasing gallery’ right inside the building. By the beginning of April, the first tenants moved in.

The rent for the apartments currently available range from $2,483 a month for a studio apartment to over $6,800 for a two bedroom with a terrace. Yes, the apartments are very nice, but the rooms are rather small. The amenities in the building are awesome, but perhaps not enough to justify the rental price?

We keep on hearing from our politicians (and developers) that there is a huge deficit of apartments in the area. If that is the case, one would imagine that the building would have been fully rented by now and that the developer would not need to offer rental incentives.

More apartments will be available in Gowanus in the near future. Just next door to 365 Bond Street, a 12-story sister building at 363 Bond Street will be completed in 2017. It will add another 268 units to the development complex.

Councilman Brad Lander has been pushing hard for an overall rezoning of the Gowanus Canal corridor from mostly manufacturing to mixed use, which will open the floodgates to more residential developments similar or even larger that the Lightstone development. That will mean thousands of new apartments may soon come on the market in Gowanus.
That’s rather ambitious for a neighborhood that sits squarely in a flood zone and includes one of the most toxic waterways in all of the United States. An environmental clean-up of the Gowanus Canal is planned, but is still years away from completion.

In the meantime, those adventurous enough to move into these new buildings will have to deal with foul odors emanating from the canal and with rats, as it would appear. As the photos below show, rodent bait stations have been place every few feet along the circumference of 365 Bond Street.

***And one more thing: I have heard that those who won the lottery for one of the 83 affordable apartment units at 365 Bond Street have not been allowed to move into the building yet. Apparently, Lightsone is waiting to fill all the market rate units before letting the lottery winners move into the building.
Is that correct? Can someone shed some light on this rumor?

365 bond street lottery Pardon me for asking, but doesn’t it seem a bit surprising that 365 Bond Street, the 12-story rental development by Lightstone Group in Gowanus, has felt the need to

$833 Studio Apartments Up for Grabs in Gowanus Affordable Housing Lottery

GOWANUS — Renters can soon live in the Venice of Brooklyn for less than $1,000 a month.

Fifty-four “affordable” apartments overlooking the Gowanus Canal are up for grabs in a housing lottery that opened Monday. Applicants have until May 19 to apply for the apartments.

To qualify for the lottery, applicants must meet income guidelines. In this case, they can make up to 60 percent of area median income, which varies depending on household size.

The units are inside the 12-story 363 Bond St., which is right next door to 365 Bond St., the first residential development to open on the banks of the polluted canal, which is a Superfund site. More than 56,000 people applied for the 86 affordable units at 365 Bond.

The lottery for 363 Bond will hand out the following apartments at the following income limits:

► 20 studios for $833 a month for single renters making $29,897 to $38,100 a year.

► 23 one-bedrooms for $895 a month for single renters making $32,057 to $38,100 or couples making $32,057 to $43,500 a year.

► 11 two-bedrooms for $1,082 a month for couples making $38,503 to $43,500, households of three making $38,503 to $48,960, or households of four making $38,503 to $54,360.

Preference for some of the units will be given to applicants who live in Community District 6, which includes Red Hook, Park Slope, Carroll Gardens and Cobble Hill.

Free amenities at 363 Bond include a 24-hour attended lobby, outdoor gardens, an on-site resident manager, GE appliances, in-unit Bosch washer and dryer, a gym, yoga room and kids room. For an extra fee, renters can get access to an outdoor deck, barbecue grills, a swimming pool, a resident lounge, bike storage and shuffle board.

Gowanus was one of the city’s most expensive neighborhoods for home buyers in 2016, with a median home price of $1,213,000, according to PropertyShark.

The developer that built 365 Bond, Lightstone Group, was originally going to build the neighboring 363 Bond St., but sold the project for $75 million in 2015 to Atlantic Realty Development Corp.

Atlantic Realty will receive the 421-a tax break for building the affordable units.

The building overlooks the Gowanus Canal and amenities include a yoga room and kids room.