Williamsburg Studios Will Rent For $1,339 In New Affordable Housing Development

BROOKLYN, NY— More than 300 affordable apartments are coming to Williamsburg, including permanent homes for formerly homeless New Yorkers in one of Brooklyn's most expensive neighborhoods.

The development will add 312 affordable and supportive apartments at 178 Montrose Ave. and 73 Meserole St.

60 percent of the units will be reserved for formerly homeless households, while the remaining apartments will be available to low-income residents.

Rents will start at $1,339 for a studio apartment and $2,304 for a three-bedroom apartment.

Slate Property Group and RiseBoro Community Partnership have closed on the acquisition and construction financing for the two-building project, which RiseBoro will operate after construction is complete.

The project includes 163 apartments at 178 Montrose Ave. and 149 apartments at 73 Meserole St. Apartments will range from studios to three-bedroom units.

"Solving New York's housing crisis means building affordable homes in every neighborhood, including high-cost communities where this housing is most needed but rarely built," David Schwartz, co-founder and principal of Slate Property Group, said.

RiseBoro Community Partnership will operate the buildings after construction and provide on-site services for supportive housing residents.

"Williamsburg is one of the hardest neighborhoods in the city to build housing for the people who need it most, which is exactly why this project matters," Kieran Harrington, chief executive officer of RiseBoro Community Partnership, said.

The buildings will include community space, recreation areas, fitness facilities and laundry rooms. Residents also will have access to full-time security, maintenance staff and social services. The development is located near the L and G subway lines and the B43, B60 and B62 bus routes.

The project is financed through tax-exempt bonds, city housing agencies, Low-Income Housing Tax Credits, Brownfields Tax Credits and private financing from JPMorgan Chase.

The organizations previously completed Baisley Pond Park Residences in Jamaica, Queens, and 326 Rockaway Ave., an affordable and supportive housing development in Brownsville.