22 Chapel Street launches leasing/affordable lottery as NYC remains most expensive city to rent

By CityRealty Staff | From Brooklyn Thursday, June 30, 2022

22 Chapel Street (Nancy Packes Inc.)

In a part of Downtown Brooklyn that has seen some architecturally appealing new towers take shape over the past few years, 22 Chapel Street stands out for its faceted facade and modern interpretation of historic Brooklyn architecture, as conceived by CetraRuddy. Leasing is underway with move-ins expected to commence in August 2022.

22 Chapel Street's summer leasing launch takes place during what is usually the busiest moving season of the year, making it a time when rents typically peak. And yet, Zumper's National Rent Index found that the median one-bedroom rent is only up 0.5% over last month — while this still brings prices to an all-time high, it is a more reasonable increase than the dramatic spikes seen over the past several months. The national report also saw a 2.9% decline in median two-bedroom rent.

via Zumper (https://www.zumper.com/blog/rental-price-data/)

However, that is not to say that prices are about to plummet to the (somewhat) approachable levels we saw during the pandemic. New York's median one-bedroom rent of $3,600/month shows a 40% increase over this time last year and makes it the highest in the nation — the second-priciest city, San Francisco, comes to $3,000/month. As the market cools, the continued housing shortage and a robust labor market make a gradual price plateau far more likely than a freefall.

Google Earth aerial showing location of 22 Chapel Street

Typical efficiently-sized living room at 22 Chapel

At 22 Chapel Street, current market-rate availabilities start at $3,925/month for one-bedrooms, $6,900/month for two-bedrooms, and $9,000/month for three-bedrooms. Select units feature private terraces, but none of these are on the market yet. According to CityRealty listings, the current prices are roughly in line with median Downtown Brooklyn median rents, which range $4,352/month for one-bedrooms to $8,950/month. (Listings also show only 93 publicly listed units for rent in Downtown Brooklyn, speaking to the appeal of the neighborhood's easy access to Manhattan, burgeoning retail and dining scenes, and close proximity to Fort Greene, DUMBO, and Brooklyn Navy Yard.)

Top 25 Luxury Rentals in Downtown Brooklyn

In addition to the market-rate units, a housing lottery is underway for 55 rent-stabilized apartments in the building. Individuals and households earning $79,098-$215,150 have until August 31, 2022 to apply for apartments ranging from $2,307/month studios to $3,431/month three-bedrooms. Full details, criteria, and the application may be found here. If you do not qualify for this lottery, click here for an ongoing rundown of New York's affordable housing lotteries.

Lottery criteria (Housing Connect)

The apartments start on the third floor, and all 180 units feature:

Oversized windows
Open kitchens with white cabinetry, black countertops, and stainless steel GE appliances
Baths with calming palettes, mirrored medicine cabinets, and chrome fixtures
In-unit washer/dryer

Amenities and services include:

24-hour concierge
Package lockers
Bike room
Parking for 87 vehicles
Children’s playroom
Fitness center with yoga room
Lounge with terrace access
Landscaped roof terrace with outdoor kitchen, seating, lounge areas, and dramatic views of Downtown Brooklyn

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Top 25 Luxury Rentals in Downtown Brooklyn

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