Press | August 5, 2011

Fort Greene Condo Developed with Affordable Units in Mind

The Real Deal

 

While many developers utilizing public subsidies to build a new condominium deliver the bare minimum number of affordable units required by law, the partnership of developers behind Atlantic Terrace in Fort Greene took the opposite route. The New York Times reported that they offered only as many market-rate apartments in the 80-unit condo at 212 South Oxford Street as was needed, a total of 20, to maximize the number of affordable apartments they could offer.

 

The developers — non-profit Fifth Avenue Committee, architecture firm Magnusson Architecture and Planning and builder Mega Contracting — envisioned an apartment complex where affordable units were interspersed among market-rate ones. The units are laid out identically, with the market-rate apartments getting pricier finishes in some instances, and are often right across the hall from one another.

 

“The key to making this project successful was selling the market-rate units,” said Magnus Magnusson, a principal at Magnusson. “So we needed to design the whole look of the building, from the outside to the lobby to the hallways, to look like a market-rate building.”

 

But 31 units went to buyers making 80 percent or less of the area’s median income in a city-wide lottery. Meanwhile, nine of the market-rate apartments are in contract or have sold since sales launched last October with the Corcoran Group, the Times said, including four two-bedroom penthouses, which were listed on Streeteasy.com for as much as $1.1 million.

 

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